TAILIEUCHUNG - STOCK MARKET VOLATILITY AND LEARNING

Studies that estimate the effect on consumption of changes in housing wealth and stock market wealth often find that one of the coefficients is insignificant. For example, Tan and Voss (2003) use Australian data and find a strong long- run effect of stock market wealth but an insignificant housing wealth effect. In addition, Case, Quigley and Shiller (2001) report a number of US studies that use aggregate level or household level data and have had difficulty in finding a significant housing wealth effect. They suggest that this may be the result of multicollinearity of the two wealth variables, which might be overcome using state-level data. Using a panel. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 862 I FEBRUARY 2008 by Klaus Adam Albert Marcet and Juan Pablo Nicolini STOCK MARKET VOLATILITY AND LEARNING EUROPEAN CENTRAL BANK EUROSYSTEM In 2008 all ECB publications feature a motif taken from the 10 banknote. WORKING PAPER SERIES NO 862 I FEBRUARY 2008 STOCK MARKET VOLATILITY AND LEARNING1 Klaus Adam2 Albert Marcet3 and Juan Pablo Nicolini4 This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1090276. Ì Thanks go to Luca Dedola Katharina Greulich Jaume Ventura and Joachim Voth for interesting comments and suggestions. We particularly thank Philippe Weii for a very interesting discussion. Dav ide Debortoii has supported us with outstanding research assistance andmany suggestions. Marcetacknowledges supportfrom CIRIT Generalitatde Catalunya DGES Ministry of EducationandScience CREI the Barcelona Economics program of XREA and the Wim Duisenberg fellowship from the European Central Bank. The views expressed herein are solely those of the authors and do not necessarily reflect the views of the European Central Bank. 2 European Central Bank and CEPR Postal address European Central Bank Kaiserstrasse 29 603ÌÌ Frankfurt am Main Germany e-mail 3 Institut dAnàlisi Economica CSIC Universitat Autònoma de Barcelona 08Ì93 Bellaterra Spain e-mail 4 Universidad Torcuato di Tella Minones 2Ì77 Capital Federal CÌ428ATG Argentina e-mail juanpa@ European Central Bank 2008 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http Fax 49 69 1344 6000 All rights reserved. Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit .

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