dc.contributor.author | MacDonald, Garry | |
dc.contributor.author | Mullineux, Andy | |
dc.contributor.author | Sensarma, Rudra | |
dc.date.accessioned | 2011-10-05T14:01:07Z | |
dc.date.available | 2011-10-05T14:01:07Z | |
dc.date.issued | 2011 | |
dc.identifier.citation | MacDonald , G , Mullineux , A & Sensarma , R 2011 , ' Asymmetric effects of interest rate changes: the role of the consumption-wealth channel ' , Applied Economics , vol. 43 , no. 16 , pp. 1991-2001 . https://doi.org/10.1080/00036840902950572 | |
dc.identifier.issn | 0003-6846 | |
dc.identifier.other | PURE: 395791 | |
dc.identifier.other | PURE UUID: d834e32e-dc8a-4cff-be66-9ee9a3ea9eb9 | |
dc.identifier.other | WOS: 000291804300003 | |
dc.identifier.other | Scopus: 79959493961 | |
dc.identifier.uri | http://hdl.handle.net/2299/6576 | |
dc.description | Original article can be found at : http://www.tandfonline.com/ Copyright Taylor & Francis | |
dc.description.abstract | This article examines the role of the consumption-wealth channel in explaining asymmetric effects of monetary policy changes. Towards this end, we draw upon available literature on the consumption function and behavioural finance to construct a framework for asymmetric effects of monetary policy caused by the impact of wealth changes on aggregate consumption. We then employ data from the UK to examine the validity of the proposed framework. In the context of a liberalized economy with easy access to consumer credit, wealth reduction due to monetary tightening is expected to have weaker impact on spending than increase in wealth. Our results validate the above hypothesis. | en |
dc.format.extent | 11 | |
dc.language.iso | eng | |
dc.relation.ispartof | Applied Economics | |
dc.rights | Open | |
dc.title | Asymmetric effects of interest rate changes: the role of the consumption-wealth channel | en |
dc.contributor.institution | Social Sciences, Arts & Humanities Research Institute | |
dc.contributor.institution | Department of Accounting, Finance and Economics | |
dc.contributor.institution | Hertfordshire Business School | |
dc.description.status | Peer reviewed | |
dc.relation.school | Hertfordshire Business School | |
dc.description.versiontype | Final Accepted Version | |
dcterms.dateAccepted | 2011 | |
rioxxterms.version | AM | |
rioxxterms.versionofrecord | https://doi.org/10.1080/00036840902950572 | |
rioxxterms.type | Journal Article/Review | |
herts.preservation.rarelyaccessed | true | |
herts.rights.accesstype | Open | |