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Consumption, wealth, stock and government bond returns: international evidence

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dc.contributor.authorAfonso, António
dc.contributor.authorSousa, Ricardo M.
dc.date.accessioned2022-09-28T13:36:48Z
dc.date.available2022-09-28T13:36:48Z
dc.date.issued2011
dc.description.abstractIn this paper, we show, from the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth and labour income should predict both stock returns and government bond yields. We use data for several OECD countries and find that when agents expect future stock returns to be higher, they will temporarily allow consumption to rise. Regarding government bond yields, when bonds are seen as a component of asset wealth, then investors react in the same way. If, however, the increase in the yields is perceived as signalling a future rise in taxes, then they will temporarily reduce their consumption.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationAfonso, António and Ricardo M. Sousa.(2011). "Consumption, wealth, stock and government bond returns: international evidence" .The Manchester School, Vol. 79, No. 6: pp. 1294-1232.pt_PT
dc.identifier.doi10.1111/j.1467-9957.2011.02247.xpt_PT
dc.identifier.urihttp://hdl.handle.net/10400.5/25612
dc.language.isoengpt_PT
dc.publisherBlackwell Publishing Ltd,pt_PT
dc.relationUECE is supported by FCT (Fundação para a Ciência e a Tecnologia, Portugal).pt_PT
dc.subjectConsumer’spt_PT
dc.subjectBudget Constraintpt_PT
dc.subjectOECD Countriespt_PT
dc.subjectStock Returnspt_PT
dc.subjectInvestorspt_PT
dc.titleConsumption, wealth, stock and government bond returns: international evidencept_PT
dc.typejournal article
dspace.entity.typePublication
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT

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