| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16338 |
| DP16338 Dynamic Spending Responses to Wealth Shocks: Evidence from Quasi-lotteries on the Stock Market | |
| Asger Lau Andersen; Niels Johannesen; Adam Sheridan | |
| 发表日期 | 2021-07-07 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | How much and over what horizon do households adjust their consumption in response to stock market wealth shocks? We address these questions using granular data on spending and stock portfolios from a large bank and exploiting lottery-like variation in gains across investors with similar portfolio characteristics. Consistent with the permanent income hypothesis, spending responses to stock market gains are immediate and persistent. The responses cumulate to a marginal propensity to consume of around 4% over a one-year horizon. The estimates differ substantially by household liquidity, but not by financial attention, as measured by the frequency of account logins. |
| 主题 | Financial Economics |
| 关键词 | Wealth shocks Household consumption Marginal propensity to consume Permanent income hypothesis |
| URL | https://cepr.org/publications/dp16338 |
| 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/545302 |
| 推荐引用方式 GB/T 7714 | Asger Lau Andersen,Niels Johannesen,Adam Sheridan. DP16338 Dynamic Spending Responses to Wealth Shocks: Evidence from Quasi-lotteries on the Stock Market. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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