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dc.contributor.authorGudmundsson, Jørgen
dc.contributor.authorNatvik, Gisle James
dc.date.accessioned2018-08-01T13:18:13Z
dc.date.available2018-08-01T13:18:13Z
dc.date.issued2012
dc.identifier.isbn978-82-7553-686-8
dc.identifier.issn1504-2596
dc.identifier.urihttp://hdl.handle.net/11250/2507179
dc.description.abstractEconomic theory predicts that higher uncertainty motivates households to consume less. In this paper we empirically assess how household consumption in Norway responds to variation in economic uncertainty. We consider alternative measures of uncertainty, volatility indexes from financial markets and the frequency with which economic uncertainty is mentioned in the Norwegian press. We find that a one standard deviation rise in our preferred measure of uncertainty is followed by a statistically significant fall in overall consumption reaching a maximum of about 0.6% after one year. For durable consumption the fall is larger, reaching a maximum of 2% after one year. These responses are consistent with precautionary savings affecting all consumption components, and additional wait-and-see effects for durable consumption.nb_NO
dc.language.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesStaff Memo;23/2012
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjecteconomic uncertaintynb_NO
dc.subjectconsumptionnb_NO
dc.titleThat Uncertain Feeling - How Consumption Responds to Economic Uncertainty in Norwaynb_NO
dc.typeWorking papernb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210nb_NO
dc.source.pagenumber24nb_NO


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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