title: The Stock Market, the Housing Market and Consumption

authors: Shen, Xin

subjects: Wealth effects

abstract: There is a long history of examining the relationship between consumption and wealth. The recent subprime mortgage crisis in the US and the European sovereign debt crisis associated with the remarkable fluctuations in both stock and housing markets have brought new concerns over the response of consumer spending to asset price shocks. This thesis re-investigates the relationship between consumption, income, financial and housing wealth: specifically, the wealth effect on consumption based on both time-series data in an examination of the US and panel data in an examination of OECD countries. It is argued that nonlinear estimation might provide a better explanation of fluctuations in the relationship between consumption and wealth, given the nature of the studied variables and the complexity of economic systems. The econometric methods employed include the Markov regime-switching approach, the quantile autoregressive distributed-lag framework, panel unit root and cointegration tests, and a panel vector autoregressive procedure. In terms of the US market, only weak evidence of a linear cointegrating relationship is found between consumption, income and wealth. It suggests that the consumption-wealth relation is better characterised in regime-specific terms. Furthermore, the transition probabilities between regimes are time-varying and driven by monetary indicators such as interest rates. In addition, different speeds of adjustment across the range of quantiles are identified in the long-run relationship between consumption, income and wealth. Wealth effects are found to be larger in lower quantiles. The findings imply that asymmetric monetary policies should be responsible for the movement in asset prices in analysing future inflation and aggregate demand due to the sensitivity of financial and housing wealth effects in different economic states.
In OECD studies, cointegration evidence is only observed in market-based countries, not in bank-based economies. Moreover, the wealth effects are found to be larger in market-based than in bank-based countries. In addition, since a positive wealth effect caused by an increase in capital value of housing might be partly offset by a negative price effect caused by an increase in the cost of housing services, the ‘net housing wealth effect’ actually is found to be slightly smaller than the stock market wealth effect in OECD countries. However, due to the significant boom in real estate markets since the 1990s, the housing wealth effect has clearly exceeded the share market wealth effect over the past decade. The results show that asset wealth has asymmetric effects on consumption, with stronger and more persistent effects from positive asset wealth shocks.

text: The Stock Market, the Housing Market and Consumption There is a long history of examining the relationship between consumption and wealth. The recent subprime mortgage crisis in the US and the European sovereign debt crisis associated with the remarkable fluctuations in both stock and housing markets have brought new concerns over the response of consumer spending to asset price shocks. This thesis re-investigates the relationship between consumption, income, financial and housing wealth: specifically, the wealth effect on consumption based on both time-series data in an examination of the US and panel data in an examination of OECD countries. It is argued that nonlinear estimation might provide a better explanation of fluctuations in the relationship between consumption and wealth, given the nature of the studied variables and the complexity of economic systems. The econometric methods employed include the Markov regime-switching approach, the quantile autoregressive distributed-lag framework, panel unit root and cointegration tests, and a panel vector autoregressive procedure. In terms of the US market, only weak evidence of a linear cointegrating relationship is found between consumption, income and wealth. It suggests that the consumption-wealth relation is better characterised in regime-specific terms. Furthermore, the transition probabilities between regimes are time-varying and driven by monetary indicators such as interest rates. In addition, different speeds of adjustment across the range of quantiles are identified in the long-run relationship between consumption, income and wealth. Wealth effects are found to be larger in lower quantiles. The findings imply that asymmetric monetary policies should be responsible for the movement in asset prices in analysing future inflation and aggregate demand due to the sensitivity of financial and housing wealth effects in different economic states.
In OECD studies, cointegration evidence is only observed in market-based countries, not in bank-based economies. Moreover, the wealth effects are found to be larger in market-based than in bank-based countries. In addition, since a positive wealth effect caused by an increase in capital value of housing might be partly offset by a negative price effect caused by an increase in the cost of housing services, the ‘net housing wealth effect’ actually is found to be slightly smaller than the stock market wealth effect in OECD countries. However, due to the significant boom in real estate markets since the 1990s, the housing wealth effect has clearly exceeded the share market wealth effect over the past decade. The results show that asset wealth has asymmetric effects on consumption, with stronger and more persistent effects from positive asset wealth shocks.

year: 2014

title: Pruning feature extractor stacking for cross-domain few-shot learning

authors: Wang, Hongyu

subjects: computer science

abstract: Combining knowledge from source domains to learn efficiently from a few labelled instances in a target domain is a transfer learning problem known as cross-domain few-shot learning (CDFSL). Feature extractor stacking (FES) is a state-of-the-art CDFSL method that maintains a collection of source domain feature extractors instead of a single universal extractor. FES uses stacked generalisation to build an ensemble from extractor snapshots saved during target domain fine-tuning. It outperforms several contemporary universal model-based CDFSL methods in the Meta-Dataset benchmark. However, it incurs higher storage cost because it saves a snapshot for every fine-tuning iteration for every extractor. In this work, we propose a bidirectional snapshot selection strategy for FES, leveraging its cross-validation process and the ordered nature of its snapshots, and demonstrate that a 95% snapshot reduction can be achieved while retaining the same level of accuracy.

text: Pruning feature extractor stacking for cross-domain few-shot learning Combining knowledge from source domains to learn efficiently from a few labelled instances in a target domain is a transfer learning problem known as cross-domain few-shot learning (CDFSL). Feature extractor stacking (FES) is a state-of-the-art CDFSL method that maintains a collection of source domain feature extractors instead of a single universal extractor. FES uses stacked generalisation to build an ensemble from extractor snapshots saved during target domain fine-tuning. It outperforms several contemporary universal model-based CDFSL methods in the Meta-Dataset benchmark. However, it incurs higher storage cost because it saves a snapshot for every fine-tuning iteration for every extractor. In this work, we propose a bidirectional snapshot selection strategy for FES, leveraging its cross-validation process and the ordered nature of its snapshots, and demonstrate that a 95% snapshot reduction can be achieved while retaining the same level of accuracy.

year: 2025

title: Here to stay: Reshaping the regions through mana Māori

authors: Simmonds, Naomi Beth

abstract: Situated 65 kilometres south-east of Hamilton, Putāruru (population 3747 in the 2013 Census) is typical of the many farming service towns scattered across rural Aotearoa New Zealand. Bakeries, op shops, a sports bar and a farm equipment supplier occupy the main street. Unlike nearby Tirau, which transformed from a one-stop shop into a vibrant boutique village in the late 1990s, Putāruru township remains largely indistinguishable from other rural centres. There are few clues to the substantial farming-based and water-generated wealth that lies beyond the town.

text: Here to stay: Reshaping the regions through mana Māori Situated 65 kilometres south-east of Hamilton, Putāruru (population 3747 in the 2013 Census) is typical of the many farming service towns scattered across rural Aotearoa New Zealand. Bakeries, op shops, a sports bar and a farm equipment supplier occupy the main street. Unlike nearby Tirau, which transformed from a one-stop shop into a vibrant boutique village in the late 1990s, Putāruru township remains largely indistinguishable from other rural centres. There are few clues to the substantial farming-based and water-generated wealth that lies beyond the town.

year: 2016