经济
股票市场
货币经济学
库存(枪支)
工资单
财富效应
总需求
劳动经济学
股市泡沫
货币政策
机械工程
古生物学
会计
马
工程类
生物
作者
Gabriel Chodorow-Reich,Plamen Nenov,Alp Simsek
摘要
We provide evidence of the stock market consumption wealth effect by using a local labor market analysis. An increase in local stock wealth driven by aggregate stock prices increases local employment and payroll in nontradable industries and in total, with no effect on employment in tradable industries. In a model of geographic heterogeneity in stock wealth, these responses imply an MPC of 3.2 cents per year and that a 20 percent increase in stock valuations, unless countered by monetary policy, increases the aggregate labor bill by at least 1.7 percent and aggregate hours by at least 0.7 percent two years after the shock. (JEL E21, E24, E52, G12, G51, R22, R23 )
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