Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/264760 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Working Paper No. 168
Verlag: 
Oesterreichische Nationalbank (OeNB), Vienna
Zusammenfassung: 
We estimate the effects of stock market volatility on the growth rates of durable consumption, non-durable consumption and invest- ment using post-war US data. Our results indicate that high levels of stock market volatility exert large adverse effects on the growth rates of investment and durable consumption, whereas the in uence on non-durable consumption growth is rather limited. The ordering of the magnitudes of the effects of stock market volatility across the three components of aggregate demand supports the idea that stock mar- ket volatility is closely related to uncertainty about future economic developments.
Schlagwörter: 
uncertainty hypothesis
stock market volatility
consumption
investment
JEL: 
E44
E20
E30
Dokumentart: 
Working Paper

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