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Evaggelia Georgiou

22 June 2005
OCCASIONAL PAPER SERIES - No. 29
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Abstract
Do asset prices affect real activity? This question has taken on a new importance in recent years, as asset values first surged at the end of 1990s and, thereafter, dramatically retreated. This report reviews the available theoretical and empirical evidence regarding asset price and wealth effects in Europe and some other major economies. The main focus of this report is on consumption effects via the wealth channel, reflecting the bulk of literature on the effects of asset prices. However, asset price effects on investment via the Tobin
JEL Code
D1 : Microeconomics→Household Behavior and Family Economics
D3 : Microeconomics→Distribution
D9 : Microeconomics→Intertemporal Choice
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions