全球智库信息集成服务系统(G2TT): The stock market and aggregate employment

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w15219
来源ID	Working Paper 15219
	The stock market and aggregate employment
	Long Chen; Lu Zhang
发表日期	2009-08-13
出版年	2009
语种	英语
摘要	We study the interactions between the stock market and the labor market. When aggregate risk premiums are time-varying, predictive variables for market excess returns should forecast long-horizon growth in the marginal benefit of hiring and thereby long-horizon aggregate employment growth. Consistent with this logic, we document that long-horizon payroll growth and change in unemployment rate are predictable with risk premium proxies. Lagged payroll growth and change in unemployment rate also forecast stock market excess returns.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Labor Economics ; Labor Supply and Demand ; Unemployment and Immigration
URL	https://www.nber.org/papers/w15219
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/572895
推荐引用方式 GB/T 7714	Long Chen,Lu Zhang. The stock market and aggregate employment. 2009.