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a r t i c l e i n f o a b s t r a c t We build a panel of 14 emerging economies to estimate the magnitude of wealth effects on consumption. Using modern econometric techniques and quarterly data, we show that: (i) wealth effects are statistically significant and relatively large in magnitude; (ii) stock market and housing wealth effects are, generally,(More)
In 2009 all ECB publications feature a motif taken from the €200 banknote. 1 We are grateful to Silvia Albrizio and Matthijs Lof for research assistance and an anonymous referee for useful suggestions. The opinions expressed herein are those of the authors and do not necessarily reflect those of the European Central Bank or the Eurosystem. Fax +49 69 1344(More)
for help with the data, and to Silvia Albrizio, and Matthijs Lof for research assistance. The opinions expressed herein are those of the authors and do not necessarily reflect those of the European Central Bank or the Eurosystem. Ricardo Sousa would like to thank the Fiscal Policies Division of the European Central Bank for its hospitality. In 2009 all ECB(More)
We show that the residuals of the trend relationship among asset wealth and human wealth predict housing returns. Using data for a set of industrialized countries, we assess the predictive ability of the wealth-to-income ratio for housing returns. In particular: (i) when housing asset are complements of financial assets, investors demand a higher housing(More)
Centered on Awaiba's NanEye CMOS image sensor family and a FPGA platform with USB3 interface, the aim of this paper is to demonstrate a new technique to synchronize up to 8 individual self-timed cameras with minimal error. Small form factor self-timed camera modules of 1 mm x 1 mm or smaller do not normally allow external synchronization. However, for(More)