| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25959 |
| 来源ID | Working Paper 25959 |
| Stock Market Wealth and the Real Economy: A Local Labor Market Approach | |
| Gabriel Chodorow-Reich; Plamen T. Nenov; Alp Simsek | |
| 发表日期 | 2019-06-17 |
| 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 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w25959 |
| 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/583633 |
| 推荐引用方式 GB/T 7714 | Gabriel Chodorow-Reich,Plamen T. Nenov,Alp Simsek. Stock Market Wealth and the Real Economy: A Local Labor Market Approach. 2019. |
| 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 | ||
| w25959.pdf（2360KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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