G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w25959
来源IDWorking 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
URLhttps://www.nber.org/papers/w25959
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/583633
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Gabriel Chodorow-Reich,Plamen T. Nenov,Alp Simsek. Stock Market Wealth and the Real Economy: A Local Labor Market Approach. 2019.
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