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The power of sentiment: Irrational beliefs of households and consumer loan dynamics

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F22%3A10249823" target="_blank" >RIV/61989100:27510/22:10249823 - isvavai.cz</a>

  • Alternative codes found

    RIV/00216224:14560/22:00125370 RIV/00216208:11230/22:10454269

  • Result on the web

    <a href="https://www.sciencedirect.com/science/article/pii/S157230892200002X" target="_blank" >https://www.sciencedirect.com/science/article/pii/S157230892200002X</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1016/j.jfs.2022.100973" target="_blank" >10.1016/j.jfs.2022.100973</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    The power of sentiment: Irrational beliefs of households and consumer loan dynamics

  • Original language description

    We examine whether household sentiment can explain fluctuations in newly issued consumer loans. We construct a novel measure of household sentiment using detailed data from the harmonized consumer surveys conducted in European countries. We differentiate between rational sentiment, which mimics dynamics in macroeconomic fundamentals, and irrational sentiment, which proxies households&apos; optimism/pessimism on top of their rationally sourced beliefs. We show that shocks to the sentiment of households do have a measurable impact on growth of consumer loans. Specifically, we assert a significantly positive role of irrational sentiment on top of the economic fundamentals identified in the literature. Moreover, a closer examination reveals that the studied relationship is not symmetric over the business cycle - the effect of irrational sentiment is present only in periods in which a country&apos;s output is well above its potential.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50200 - Economics and Business

Result continuities

  • Project

    <a href="/en/project/GA19-19485S" target="_blank" >GA19-19485S: Spatial Dynamics and Inequality: The Role of Connectivity and Access to Finance</a><br>

  • Continuities

    P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Others

  • Publication year

    2022

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Journal of Financial Stability

  • ISSN

    1572-3089

  • e-ISSN

    1878-0962

  • Volume of the periodical

    59

  • Issue of the periodical within the volume

    April

  • Country of publishing house

    US - UNITED STATES

  • Number of pages

    16

  • Pages from-to

    "Article Number 100973"

  • UT code for WoS article

    000781270000002

  • EID of the result in the Scopus database

    2-s2.0-85124005294