MALOVANÁ, Simona, Jan FRAIT and Martin HODULA. What Does Really Drive Consumer Confidence? Social Indicators Research. Netherlands: Springer, 2021, vol. 2021, No 155, p. 885-913. ISSN 0303-8300. Available from: https://dx.doi.org/10.1007/s11205-021-02626-6. |
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@article{9114, author = {Malovaná, Simona and Frait, Jan and Hodula, Martin}, article_location = {Netherlands}, article_number = {155}, doi = {http://dx.doi.org/10.1007/s11205-021-02626-6}, keywords = {Composite index; Factor analysis; Households’ confidence; Loan growth}, language = {eng}, issn = {0303-8300}, journal = {Social Indicators Research}, title = {What Does Really Drive Consumer Confidence?}, url = {https://link.springer.com/content/pdf/10.1007/s11205-021-02626-6.pdf}, volume = {2021}, year = {2021} }
TY - JOUR ID - 9114 AU - Malovaná, Simona - Frait, Jan - Hodula, Martin PY - 2021 TI - What Does Really Drive Consumer Confidence? JF - Social Indicators Research VL - 2021 IS - 155 SP - 885-913 EP - 885-913 PB - Springer SN - 03038300 KW - Composite index KW - Factor analysis KW - Households’ confidence KW - Loan growth UR - https://link.springer.com/content/pdf/10.1007/s11205-021-02626-6.pdf N2 - We construct a novel index of households’ macroeconomic environment (HOME) based on the data from 22 high-income European countries between 2002 Q1 and 2018 Q4. The resulting index is in line with the broad features of the countries’ business and financial cycles and captures well households’ perception of their underlying economic situation. We discuss joint properties of the HOME index and the widely employed survey-based consumer confidence indicator. We show that households’ expectations are tightly linked to current macroeconomic conditions. This finding echoes the literature linking consumer attitudes and actual economic developments. The HOME index also reflects the importance of asset prices and lending conditions for households’ behavior. In a single-country case study, we provide empirical evidence that links the proposed index to new credit extended to households. The evidence suggests that households need a longer period of good macroeconomic conditions to decide to take on a mortgage than they do in the case of a consumer loan. ER -
MALOVANÁ, Simona, Jan FRAIT and Martin HODULA. What Does Really Drive Consumer Confidence? \textit{Social Indicators Research}. Netherlands: Springer, 2021, vol.~2021, No~155, p.~885-913. ISSN~0303-8300. Available from: https://dx.doi.org/10.1007/s11205-021-02626-6.
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