How do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption Survey

Luc Arrondel, Laura Bartiloro (), P. Linder, T. Y. Math, C. Rampazzi, Frédérique Savignac, Tobias Schmidt, M. Sch Rz and Philip Vermeulen
Authors registered in the RePEc Author Service: Thomas Mathä

Working papers from Banque de France

Abstract: We uncover technological standardization as a microeconomic mechanism which is vital for the implementation of new technologies, in particular general purpose technologies. The interdependencies of these technologies require common rules ( standardization ) to ensure compatibility. Using data on standardization, we are therefore able to identify technology shocks and analyze their impact on macroeconomic variables. First, our results show that technology shocks diffuse slowly and generate a positive S-shaped reaction of output and investment. Before picking up permanently, total factor productivity temporarily decreases, suggesting that the newly adopted technology is incompatible with installed physical, human and organizational capital. Second, standardization can reveal news about future movements of macroeconomic aggregates as evidenced by the positive and immediate reaction of stock market variables to the identified technology shock.

Keywords: Household financial decisions; individual portfolio choice; real and financial assets; cross-country comparisons. (search for similar items in EconPapers)
JEL-codes: D1 D3 (search for similar items in EconPapers)
Pages: 53 pages
Date: 2014
New Economics Papers: this item is included in nep-eec
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (33)

Downloads: (external link)
https://publications.banque-france.fr/sites/defaul ... g-paper_504_2014.pdf (application/pdf)

Related works:
Journal Article: How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey (2016)
Working Paper: How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey (2016)
Working Paper: How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey (2016)
Working Paper: How do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption Survey (2014)
Working Paper: How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption survey (2014)
Working Paper: How do households allocate their assets? Stylized facts from the eurosystem household finance and consumption survey (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bfr:banfra:504

Access Statistics for this paper

More papers in Working papers from Banque de France Banque de France 31 Rue Croix des Petits Champs LABOLOG - 49-1404 75049 PARIS. Contact information at EDIRC.
Bibliographic data for series maintained by Michael brassart ().