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Consumption Asymmetry and the Stock Market: Further Evidence Author info | Abstract | Publisher info | Download info | Related research | Statistics Nicholas Apergis (University of Macedonia)
Stephen M. Miller (University of Nevada, Las Vegas, and University of Connecticut)
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This paper investigates the presence of asymmetric effects of stock returns on real consumption in the US. After identifying the asymmetric behavior for consumption as well as the wealth effect, the results confirm that stock returns have an asymmetric effect on real consumption, with negative 'news' affecting consumption more than positive 'news'.
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Paper provided by University of Connecticut, Department of Economics in its series Working papers with number
2004-19.
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Length: 13 pages
Date of creation: Apr 2004Date of revision:
Handle: RePEc:uct:uconnp:2004-19Note: The authors express special thanks to Angelos Antzoulatos, Georgios Karras, and Plutarchos Sakellaris for their comments on an earlier draft. Nonetheless, the usual disclaimer applies.Contact details of provider: Postal: University of Connecticut 341 Mansfield Road, Unit 1063 Storrs, CT 06269-1063 Phone: (860) 486-4889 Fax: (860) 486-4463 Web page: http://www.econ.uconn.edu/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Christian Zimmermann).
Keywords: Consumption ; Stock market ; Wealth effect ; Asymmetry ; Other versions of this item:
Find related papers by JEL classification: E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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