G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10196
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
URLhttps://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.
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