Does Stock Market Wealth Matter for Consumption

By Karen E. Dynan, Dean M. Maki. 2001

170 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/80b6d79d6af5548650d09807a46c0b056ab92f5e

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Citations in the corpus

A tale of two perspectives: old or new challenges for monetary policy? (2003, background): “Answers so far have focused primarily on a more favourable environment, in the form of positive or smaller exogenous shocks (eg Stock and Watson (2002) and Ahmed et al (2002)), structural changes such as better inventory management (eg Kahn et al (2002) and Edge and Laubach (2002)), better monetary ”
Consumption Risk and the Cross Section of Expected Returns (2005, unknown): “…to the literature on the stochastic properties of aggregate consumption following aggregate market returns (Kandel and Stambaugh 1990; Daniel and Marshall 1997; Ludvigson and Steindel 1999; Parker 2000, 2001; Dynan and Maki 2001; Gabaix and Laibson 2002; Piazzesi 2002; Bansal and Yaron 2004).”
Cognitive abilities and portfolio choice (2010, unknown): “Limited participation and changes in participation over time are relevant also for studying the equity premium puzzle (Mankiw and Zeldes, 1991; Attanasio, Banks and Tanner, 2002), the distribution of wealth (Guvenen, 2006), household choices regarding individual retirement accounts (Bernheim and Gar”
Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries: Wealth Effects in the 1990s (2002, unknown): “Dynan and Maki (2001) use micro data from the Consumer Expenditure Survey and find evidence of a direct impact of contemporaneous and lagged changes in stock prices on the spending of households that have stock market wealth; for households with moderate levels of such securities, consumption rises…”
A Framework for Assessing Global Imbalances (2008, unknown): “The results of Dynan and Maki (2001) indicate that for households with different levels of security holdings, the marginal propensity of consumption out of wealth is between 5 cents and 15 cents, with the most likely gain in the lower part of this range. Because this response is larger than most agg”
Peer performance and stock market entry (2012, unknown): “The estimates are especially small for households that do not participate in the stock market (Starr-McCluer 2002, Dynan and Maki 2001).”
Stock Market Wealth and the Real Economy: A Local Labor Market Approach (2019, methodology): “The consequences of regional heterogeneity in stock market wealth in our model closely relates to the regional transfer multipliers studied in Farhi and Werning (2016), although in practice the two may have different effects because of different salience of stock returns and transfers.”
Stock Market Returns and Consumption (2020, background): “9 Dynan and Maki (2001) argue that the imputation of household level capital gains based on the CEX responses might be problematic.”
Wealth Effects in Emerging Market Economies (2012, unknown): “All these factors can lead to a sluggish response of consumption (see, for example, Kennickell and Starr-McCluer, 1997; Dynan and Maki, 2001).”
Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets (2018, unknown): “… 4 In addition, understanding the determinants of stock market investment also provides insight into the determinants of the distribution of wealth (Guvenen 2006), ownership of individual retirement accounts (Bernheim and Garrett 2003), and wealth effects on consumption (Dynan and Maki 2001).”
Disentangling the Wealth Effect: A Cohort Analysis of Household Saving in the 1990s (2001, unknown): “That said, the reasonable degree of consensus regarding the nature of the long-run statistical relationships between consumption, income, and wealth in the aggregate U.S. data has not resulted in a consensus regarding just what economic behavior underlies the aggregate empirical trends.”