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: Une lettre du père Petit-Jean, missionnaire français mariste en Nouvelle-Zélande: Traduction commentée et étude historique

authors: Calder, Lynley

subjects: Marist

abstract: Ce mémoire est en trois parties : d’abord une traduction d’une lettre de Jean-Baptiste Petit-Jean, missionnaire mariste en Nouvelle-Zélande à Jean-Claude Colin, son supérieur-général en France du 11 décembre 1841 ; ensuite un commentaire de traduction qui considère la méthodologie de la traduction directe et la traduction oblique avec des exemples de problèmes rencontrés pendant la traduction de la lettre de Petit-Jean ; finalement, l’étude historique considérera les débats religieux entre les maristes et missionnaires protestants en Nouvelle-Zélande entre 1838 et 1850. Nous examinerons les raisons pour ces débats et montrons que les débats étaient plus importants pour les maristes puisqu’ils leur mirent sur un pied d’égalité avec les protestants devant les Māori. 

This thesis is divided into three parts: firstly a translation of a letter written by Jean-Baptiste Petit-Jean, Marist missionary in New Zealand to Jean-Claude Colin, his Superior General in France, dated 11 December 1841; afterwards there is a translation commentary which looks at the methodology of direct and oblique translation with examples of problems encountered while translating Petit-Jean's letter; lastly, there is the historical commentary, which examines the religious debates between the Marists and Protestant missionaries in New Zealand between 1838 and 1850. It examines some of the reasons for these debates and shows why the debates were more important to the Marists, giving them an equal footing with Protestant missionaries when in all other areas they were disadvantaged.

text: Une lettre du père Petit-Jean, missionnaire français mariste en Nouvelle-Zélande: Traduction commentée et étude historique Ce mémoire est en trois parties : d’abord une traduction d’une lettre de Jean-Baptiste Petit-Jean, missionnaire mariste en Nouvelle-Zélande à Jean-Claude Colin, son supérieur-général en France du 11 décembre 1841 ; ensuite un commentaire de traduction qui considère la méthodologie de la traduction directe et la traduction oblique avec des exemples de problèmes rencontrés pendant la traduction de la lettre de Petit-Jean ; finalement, l’étude historique considérera les débats religieux entre les maristes et missionnaires protestants en Nouvelle-Zélande entre 1838 et 1850. Nous examinerons les raisons pour ces débats et montrons que les débats étaient plus importants pour les maristes puisqu’ils leur mirent sur un pied d’égalité avec les protestants devant les Māori. 

This thesis is divided into three parts: firstly a translation of a letter written by Jean-Baptiste Petit-Jean, Marist missionary in New Zealand to Jean-Claude Colin, his Superior General in France, dated 11 December 1841; afterwards there is a translation commentary which looks at the methodology of direct and oblique translation with examples of problems encountered while translating Petit-Jean's letter; lastly, there is the historical commentary, which examines the religious debates between the Marists and Protestant missionaries in New Zealand between 1838 and 1850. It examines some of the reasons for these debates and shows why the debates were more important to the Marists, giving them an equal footing with Protestant missionaries when in all other areas they were disadvantaged.

year: 2009

title: Significance of an early date from an adzed tree stump in Northland

authors: Higham, Thomas F.G.

abstract: Ogle, Jones, Sutton and Wallace (1998) have recently investigated the radiocarbon dating of a tree stump ('Ogle's stump’) which had evidence of adze marks, near the site of Taumatawhana pa, Houhora, Northland. The conventional radiocarbon age of 938 ± 31 BP was obtained at the Institute of Geological and Nuclear Sciences Ltd (formerly INS) laboratory in 1971. Ogle et al.(1998) considered the 'inbuilt age' of the wood (see McFadgen, 1982) and assessed its contribution to the radiocarbon determination. In this brief paper we re-evaluate that methodology and question the conclusion of Ogle et al. (1998) that the date is reliable. We are particularly concerned with the comparison of the date with an associated radiocarbon result obtained by Elliot et al. (1995) from a nearby site at Lake Taumatawhana, which we think is misleading.

text: Significance of an early date from an adzed tree stump in Northland Ogle, Jones, Sutton and Wallace (1998) have recently investigated the radiocarbon dating of a tree stump ('Ogle's stump’) which had evidence of adze marks, near the site of Taumatawhana pa, Houhora, Northland. The conventional radiocarbon age of 938 ± 31 BP was obtained at the Institute of Geological and Nuclear Sciences Ltd (formerly INS) laboratory in 1971. Ogle et al.(1998) considered the 'inbuilt age' of the wood (see McFadgen, 1982) and assessed its contribution to the radiocarbon determination. In this brief paper we re-evaluate that methodology and question the conclusion of Ogle et al. (1998) that the date is reliable. We are particularly concerned with the comparison of the date with an associated radiocarbon result obtained by Elliot et al. (1995) from a nearby site at Lake Taumatawhana, which we think is misleading.

year: 1998