Add to ORKGIn this paper, I assess the forecasting power of the residuals of the trend relationship among consumption, aggregate wealth, and labour income for stock returns and government bond yields in the euro area, the UK and the US . I find that when stock returns are expected to be higher in the future, forward-looking investors will temporarily allow consumption to rise. As for bond returns, when government bonds are seen as a component of asset wealth, then investors react in the same manner. If, however, investors perceive the increase in bond returns as signalling a future rise in taxes or a deterioration of public finances, then they will let consumption fall temporarily below its equilibrium level.Fundação para a Ciência e a Tecnologia (FCT...
In this work, we analyze the importance of the disaggregation of wealth into its main components (fi...
I show that when the ratio of asset wealth to human wealth falls, investors become more exposed to ...
Copyright @ 2011 Brunel UniversityIn this paper, we show, using the consumer's budget constraint, th...
In this paper, I assess the forecasting power of the residuals of the trend relationship among consu...
In this paper, we show, from the consumer’s budget constraint, that the residuals of the trend rela...
In this paper, we show, from the consumer’s budget constraint, that the residuals of the trend rela...
In this paper, we show, from the consumer's budget constraint, that the residuals of the trend relat...
In this paper, I assess the predictive ability of the ratio of asset wealth to labour income for bot...
This paper addresses new insights into the predictability of financial returns. In particular, we an...
This paper addresses new insights into the predictability of financial returns. In particular, we an...
I show that when the ratio of asset wealth to human wealth falls, investors become more exposed to i...
©2016 American Real Estate and Urban Economics Association We use a representative consumer model to...
In this paper, we show, from the consumer’s budget constraint, that the residuals of the trend relat...
In this work, we analyze the importance of the disaggregation of wealth into its main components (fi...
I find that when the ratio of asset wealth to human wealth falls, investors become more exposed to l...
In this work, we analyze the importance of the disaggregation of wealth into its main components (fi...
I show that when the ratio of asset wealth to human wealth falls, investors become more exposed to ...
Copyright @ 2011 Brunel UniversityIn this paper, we show, using the consumer's budget constraint, th...
In this paper, I assess the forecasting power of the residuals of the trend relationship among consu...
In this paper, we show, from the consumer’s budget constraint, that the residuals of the trend rela...
In this paper, we show, from the consumer’s budget constraint, that the residuals of the trend rela...
In this paper, we show, from the consumer's budget constraint, that the residuals of the trend relat...
In this paper, I assess the predictive ability of the ratio of asset wealth to labour income for bot...
This paper addresses new insights into the predictability of financial returns. In particular, we an...
This paper addresses new insights into the predictability of financial returns. In particular, we an...
I show that when the ratio of asset wealth to human wealth falls, investors become more exposed to i...
©2016 American Real Estate and Urban Economics Association We use a representative consumer model to...
In this paper, we show, from the consumer’s budget constraint, that the residuals of the trend relat...
In this work, we analyze the importance of the disaggregation of wealth into its main components (fi...
I find that when the ratio of asset wealth to human wealth falls, investors become more exposed to l...
In this work, we analyze the importance of the disaggregation of wealth into its main components (fi...
I show that when the ratio of asset wealth to human wealth falls, investors become more exposed to ...
Copyright @ 2011 Brunel UniversityIn this paper, we show, using the consumer's budget constraint, th...