Examinando por Autor "Stewart, Chris"
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Ítem Absolute Income Inequality and Rising House Prices(Universidad EAFIT, 2016-12-01) Goda, Thomas; Stewart, Chris; Torres García, Alejandro; tgoda@eafit.edu.co; atorres7@eafit.edu.coIncome inequality and house prices have risen sharply in developed countries during the last three decades. We argue that this co-movement is no coincidence but that inequality has driven up house prices on the grounds that it raises the total demand for houses, which inflates their prices considering supply restrictions. To test this hypothesis, we conduct cointegration tests for a panel of 18 OECD countries for the period 1975-2010. The results suggest that income inequality and house prices in most OECD countries are positively correlated and cointegrated, and that in the majority of cases absolute inequality Granger-causes house prices when measured in absolute terms. Relative inequality, on the other hand, is not cointegrated with house prices, which is expected given that total house demand depends on the absolute amount of investible income.Ítem Absolute Income Inequality and Rising House Prices(2016-12-01) Goda, Thomas; Stewart, Chris; Torres García, A.; Goda, Thomas; Stewart, Chris; Torres García, A.; Universidad EAFIT. Departamento de Economía y Finanzas; Estudios en Economía y Empresa (GEE)Income inequality and house prices have risen sharply in developed countries during the last three decades. We argue that this co-movement is no coincidence but that inequality has driven up house prices on the grounds that it raises the total demand forÍtem The contribution of us bond demand to the us bond yield conundrum of 2004 to 2007: an empirical investigation(Universidad EAFIT, 2011-12-12) Goda, Thomas; Lysandrou, Photis; Stewart, ChrisAlthough the federal funds rate started rising from mid-2004 US long term rates continued to fall. A likely contributory factor to this conundrum was the contemporaneous increase in US bond demand. Using ARDL-based models, which accommodate structural breaks, this paper estimates the impact of demand on US bond yields in the conundrum period. This impact is shown to have been everywhere significantly negative. The fact that our model fully explains the bond yield conundrum gives support to the hypothesis that the US CDO market was rapidly expanded before 2007 chiefly to absorb the overspill of global demand for safe assets