| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24262 |
| 来源ID | Working Paper 24262 |
| Stock Market Returns and Consumption | |
| Marco Di Maggio; Amir Kermani; Kaveh Majlesi | |
| 发表日期 | 2018-01-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper employs Swedish data on households' stock holdings to investigate how consumption responds to changes in stock market returns. We instrument the actual capital gains and dividend payments with past portfolio weights. Unrealized capital gains lead to a marginal propensity to consume (MPC) of 23% for the bottom 50% of the wealth distribution and about 3% for the top 30% of the wealth distribution. Households’ consumption is significantly more responsive to dividend payouts across all parts of the wealth distribution. Our findings are consistent with households treating capital gains and dividends as separate sources of income. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w24262 |
| 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/581936 |
| 推荐引用方式 GB/T 7714 | Marco Di Maggio,Amir Kermani,Kaveh Majlesi. Stock Market Returns and Consumption. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24262.pdf（562KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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