| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27010 |
| 来源ID | Working Paper 27010 |
| Spending Less After (Seemingly) Bad News | |
| Mark Garmaise; Yaron Levi; Hanno Lustig | |
| 发表日期 | 2020-04-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Using high-frequency spending data, we show that household consumption displays excess sensitivity to salient macro-economic news, even when the news is not real. When the announced local unemployment rate reaches a 12-month maximum, local news coverage of unemployment increases and local consumers reduce their discretionary spending by 2% relative to consumers in areas with the same macro-economic fundamentals. The consumption of low-income households displays greater excess sensitivity to salience. The decrease in spending is not reversed in subsequent months; instead, negative news persistently reduces future spending for two to four months. Households in treated areas act as if they are more financially constrained than those in untreated areas with the same fundamentals. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Behavioral Finance |
| URL | https://www.nber.org/papers/w27010 |
| 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/584682 |
| 推荐引用方式 GB/T 7714 | Mark Garmaise,Yaron Levi,Hanno Lustig. Spending Less After (Seemingly) Bad News. 2020. |
| 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 | ||
| w27010.pdf（772KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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