| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10196 |
| DP10196 Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession | |
| Tullio Jappelli; Dimitris Georgarakos | |
| 发表日期 | 2014-10-12 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of wealth shocks and unemployment during the Great Recession in the US. We find that many households experienced large capital losses in housing and in their financial portfolios, and that a non-trivial fraction of respondents have lost their job. As a consequence of these shocks, many households reduced substantially their expenditures. We estimate that the marginal propensities to consume with respect to housing and financial wealth are 1 and 3.3 percentage points, respectively. In addition, those who became unemployed reduced spending by 10 percent. We also distinguish the effect of perceived transitory and permanent wealth shocks, splitting the sample between households who think that the stock market is likely to recover in a year?s time, and those who do not. In line with the predictions of standard models of intertemporal choice, we find that the latter group adjusted much more than the former its spending in response to financial wealth shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption Great recession Unemployment Wealth shocks |
| URL | https://cepr.org/publications/dp10196 |
| 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/539029 |
| 推荐引用方式 GB/T 7714 | Tullio Jappelli,Dimitris Georgarakos. DP10196 Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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