5 pages matching shocks to residential in this book
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1/2 percent 7gdp behavior causing the recession changes in consumption Chart Choleski factorization consumption and exports consumption of durables consumption residuals consumption shocks contraction in consumption contractionary cumulative decline demand components durable consumption enlarged system equation expectational shocks expenditure components explained external sector's contribution financial liberalization fiscal impulse measure fiscal policy fixed investment government consumption hypothesis that fiscal identifying shocks impulse-response analysis impulse-response functions indicate that consumption lags large positive shocks long duration monetary and true monetary policy monetary stance national accounts expenditure non-durable consumption non-residential investment period personal savings ratio precipitating the recession prior monetary tightening provides proximate cause quarter real exchange rate real interest rate recent recession recession in 1990 recovery residential investment Root Tests second stage shocks to consumption shocks to GDP shocks to non-residential shocks to residential stance and wealth strong priors transmission mechanism unit root United Kingdom vector autoregression vgdp wealth effects