Stock Market Returns and Consumption
收藏NBER2018-01-01 更新2025-01-04 收录
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https://www.nber.org/papers/w24262
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资源简介：
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)
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美国国家经济研究局创建时间：
2018-01-01
