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Consumption, Saving, Investment, and Unemployment. SVAR Tests of the Effects of Changes in the Consumption-Saving Pattern

  • Roberto Bande Ramudo

    ()

  • Manuel Fernández Grela

    ()

  • Mª Dolores Riveiro García

    ()

    (GAME-IDEGA, University of Santiago de Compostela)

In this paper we aim to provide information about the transmission mechanism at work between investment and unemployment by looking at the consumption-saving pattern as a determinant of investment behaviour. Our starting hypothesis is that permanent shifts in the consumption-saving pattern will have permanent effects on investment, with subsequent consequences for the unemployment rate. To test this hypothesis we build an SVAR model for the Spanish economy seeking information about the response of the four relevant macroeconomic variables (consumption, saving, investment and unemployment) to simulated shocks imposed on the system.

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Paper provided by IDEGA - Instituto Universitario de Estudios e Desenvolvemento de Galicia in its series Documentos de trabajo - Analise Economica with number 0045.

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Length: 24 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:edg:anecon:0045
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  1. Roberto Bande & Marika Karanassou, 2009. "Labour market flexibility and regional unemployment rate dynamics: Spain 1980-1995," Papers in Regional Science, Wiley Blackwell, vol. 88(1), pages 181-207, 03.
  2. Philip Arestis & Michelle Baddeley & Malcolm Sawyer, 2007. "The Relationship Between Capital Stock, Unemployment And Wages In Nine Emu Countries," Bulletin of Economic Research, Wiley Blackwell, vol. 59(2), pages 125-148, 04.
  3. Natasha Miaouli, 2001. "Employment and Capital Accumulation in Unionised Labour Markets: Evidence from five south-European countries," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(1), pages 5-29.
  4. Abel, Andrew B., 1982. "Dynamic effects of permanent and temporary tax policies in a q model of investment," Journal of Monetary Economics, Elsevier, vol. 9(3), pages 353-373.
  5. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-87, December.
  6. Arestis, Philip & Mariscal, Iris Biefang-Frisancho, 2000. "Capital Stock, Unemployment and Wages in the UK and Germany," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(5), pages 487-503, November.
  7. Jim Malley & Thomas Moutos, 2000. "Capital Accumulation and Unemployment: A Tale of Two "Continents"," CESifo Working Paper Series 236, CESifo Group Munich.
  8. Arestis, Philip & Mariscal, Iris Biefang-Frisancho, 1998. "Capital shortages and asymmetries in UK unemployment," Structural Change and Economic Dynamics, Elsevier, vol. 9(2), pages 189-204, June.
  9. Herbertsson, Tryggvi Thor & Zoega, Gylfi, 2002. "The Modigliani 'puzzle'," Economics Letters, Elsevier, vol. 76(3), pages 437-442, August.
  10. Layard, Richard & Nickell, Stephen & Jackman, Richard, 1991. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780198284345.
  11. Marika Karanassou & Hector Sala & Pablo F. Salvador, 2007. "Capital Accumulation and Unemployment: New Insights on the Nordic Experience," Working Papers 611, Queen Mary University of London, School of Economics and Finance.
  12. Ron Smith & Gylfi Zoega, 2005. "Unemployment, Investment and Global Expected Returns: A Panel FAVAR Approach," Birkbeck Working Papers in Economics and Finance 0524, Birkbeck, Department of Economics, Mathematics & Statistics.
  13. Gylfi Zoega, 2009. "Employment and Asset Prices," Birkbeck Working Papers in Economics and Finance 0917, Birkbeck, Department of Economics, Mathematics & Statistics.
  14. Thomas J. Cunningham, 1994. "Review essay on Structural Slumps: the Modern Equilibrium Theory of Unemployment, Interest, and Assets by Edmund S. Phelps, 1994," Economic Review, Federal Reserve Bank of Atlanta, issue Nov, pages 30-33.
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