Does Consumption Respond More Strongly to Stock Market Declines Than to Increases?
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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Volume (Year): 14 (2000)
Issue (Month): 3 ()
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