Hassan Shirvani, W. C. Barry
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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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]
Key concepts: Economics, Stock market, Stock (firearms), Consumption (sociology), Monetary economics, Financial economics, Econometrics, Social science