| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13856 |
| DP13856 Stock Market Wealth and the Real Economy: A Local Labor Market Approach | |
| Gabriel Chodorow-Reich; Plamen T. Nenov; Alp Simsek | |
| 发表日期 | 2019-07-13 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We provide evidence of the stock market wealth effect on consumption by using a local labor market analysis and regional heterogeneity in stock market wealth. An increase in local stock wealth driven by aggregate stock prices increases local employment and payroll in nontradable industries and in total, while having no effect on employment in tradable industries. In a model with consumption wealth effects and geographic heterogeneity, these responses imply a marginal propensity to consume out of a dollar of stock wealth of 3.2 cents per year. We also use the model to quantify the aggregate effects of a stock market wealth shock when monetary policy is passive. A 20% increase in stock valuations, unless countered by monetary policy, increases the aggregate labor bill by at least 1.7% and aggregate hours by at least 0.75% two years after the shock. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Stock prices Consumption wealth effect Marginal propensity to consume Employment Wages Regional heterogeneity Time-varying risk premium Nominal rigidities monetary policy |
| URL | https://cepr.org/publications/dp13856-0 |
| 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/542732 |
| 推荐引用方式 GB/T 7714 | Gabriel Chodorow-Reich,Plamen T. Nenov,Alp Simsek. DP13856 Stock Market Wealth and the Real Economy: A Local Labor Market Approach. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
