Does Consumption Respond More Strongly to Stock Market Declines Than to Increases?

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44 citations0/0 files storedInternational Economic Journal

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Monetary Policy and Economic Impact Financial Markets and Investment Strategies Market Dynamics and Volatility

Abstract

This paper provides empirical evidence that positive and negative wealth effects of stock prices on consumer expenditures are unequal. For the three largest economies in the world, stock price declines are found to have a more powerful effect than price increases. [F20, E30]

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1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1988Testing for a Unit Root in Time Series Regression 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1978Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence 2017A Monetary History of the United States, 1867-1960 1964A Monetary History of the United States 1867-1960 1992Nonstationarity and Level Shifts With an Application to Purchasing Power Parity 1993Testing for a Unit Root

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