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Consumption asymmetry and the stock market: Empirical evidence

  • Apergis, Nicholas
  • Miller, Stephen M.

This paper examines whether U.S. stock-market wealth asymmetrically affects consumption. After identifying asymmetric behavior for consumption and stock market wealth, the results confirm that stock-market wealth asymmetrically affects real per capita consumption. Negative 'news' affects consumption more than positive 'news'.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4M2XF9P-4/2/fec68cdb45308d211c2767b42510ae9b
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 93 (2006)
Issue (Month): 3 (December)
Pages: 337-342

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Handle: RePEc:eee:ecolet:v:93:y:2006:i:3:p:337-342
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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