| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9022 |
| DP9022 The Wealth-Consumption Ratio | |
| Adrien Verdelhan; Stijn Van Nieuwerburgh; Hanno Lustig | |
| 发表日期 | 2012-06-24 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We derive new estimates of total wealth, the returns on total wealth, and the wealth effect on consumption. We estimate the prices of aggregate risk from bond yields and stock returns using a no-arbitrage model. Using these risk prices, we compute total wealth as the price of a claim to aggregate consumption. We find that US households have a surprising amount of total wealth, most of it human wealth. This wealth is much less risky than stock market wealth. Events in long-term bond markets, not stock markets, drive most total wealth fluctuations. The wealth effect on consumption is small and varies over time with real interest rates. |
| 主题 | Financial Economics |
| 关键词 | stock market Discount rate Equity risk premium Excess return Interest rate risk premium Stock returns |
| URL | https://cepr.org/publications/dp9022 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537857 |
| 推荐引用方式 GB/T 7714 | Adrien Verdelhan,Stijn Van Nieuwerburgh,Hanno Lustig. DP9022 The Wealth-Consumption Ratio. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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