The Current Account and Stock Returns

スポンサーリンク

概要

• 論文の詳細を見る

• Robert E. Hall (1978. Journal of Political Economy 86(6), 971-987) points out that a stock price is a predictive variable for consumption because it predicts the state of future economy. This paper shows that once a stock return is included in the intertemporal model for the current account, the model performs well in three countries (the U.K., Canada and Japan). My empirical findings indicate that consumption behavior based on the permanent income is affected by stock return since a stock return is an informative variable for permanent income.

• 早稲田大学の論文

著者

• Kitamura Yoshihiro

  School Of Political Science & Economics Waseda University

関連論文

• The Current Account and Stock Returns
• Why is Managed Floating Adopted as a De Facto Exchange Rate Regime?
• Empirical Assessment of Two Traditional Models for the Asian Currency Crisis

スポンサーリンク