UoM Meeting 2018: International PhD meeting in Economics

A special issue of J (ISSN 2571-8800).

Deadline for manuscript submissions: closed (31 October 2018) | Viewed by 3363

Special Issue Editor


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Guest Editor
Department of Economics, University of Macedonia, Thessaloniki, Greece
Interests: econometrics; time series econometrics; macroeconometrics; financial econometrics; macro-finance

Special Issue Information

Dear Colleagues,

We cordially invite you to contribute to our Special Issue of J on the theme of "Advances in Time Series and Forecasting".

The main goal of this Special Issue, “Special Issue of UoM Meeting 2018”, is to advance new science and methodologies in the fields of time series and forecasting in economics and finance.

UoM Meeting 2018 (International PhD meeting in Economics) seeks to provide a discussion forum for researchers, educators and PhD students regarding the latest ideas in the foundations, theory, models and applications of time series and forecasting. The focus will be on applications in economics and finance.

Topics of interest for this Special Issue include, but are not limited to:

  • Causality analysis
  • Time series analysis and forecasting
  • Economic and econometric forecasting
  • Advanced methods and on-line learning in time series
  • High dimension and complex/big data forecasting
  • Forecasting in finance and macroeconomics

Dr. Theodore Panagiotidis
Guest Editor

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Published Papers (1 paper)

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Research

15 pages, 1741 KiB  
Article
Revisiting the Relationship between Financial Wealth, Housing Wealth, and Consumption: A Panel Analysis for the U.S.
by Dimitra Kontana and Fotios Siokis
J 2018, 1(1), 159-173; https://doi.org/10.3390/j1010015 - 30 Nov 2018
Viewed by 3001
Abstract
Based on the seminal paper of Case, Quigley, and Shiller (2013), we investigated the effects of financial and housing wealth on consumption. Using quarterly data from 1975 to 2016 for all states of the U.S. economy, and a different methodology in measuring wealth, [...] Read more.
Based on the seminal paper of Case, Quigley, and Shiller (2013), we investigated the effects of financial and housing wealth on consumption. Using quarterly data from 1975 to 2016 for all states of the U.S. economy, and a different methodology in measuring wealth, we report relatively greater financial effects than housing effects on consumption. Specifically, in our basic utilized model, the calculated elasticity for financial wealth was 0.060, while for housing it was 0.045. The results were not in agreement with the ones obtained by Case, Quigley, and Shiller. In an attempt to investigate this disparity, we proceeded by incorporating the introduction of the Tax Reform Act in 1986, which increased incentives for owner-occupied housing investments. Finally, due to distributional factors at work, and taking into account the pronounced uneven distribution of wealth, we investigated the effects of wealth for eight states that included the metropolitan areas comprising the well-known Case–Shiller 10 City Composite Index. Now the housing effect on consumption was much stronger and larger than the financial effect. Additionally, we forecasted the consumption changes at the time of high rise and large drops in house prices for these states. Forecasts showed a recession from the fall of Lehman Brothers until the fourth quarter of 2011. These forecasts were not verified. Probably, the new techniques used by policies played an important role. We also found that extreme behaviors cannot be predicted. Full article
(This article belongs to the Special Issue UoM Meeting 2018: International PhD meeting in Economics)
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