The DOI matches its Crossref record; 28 of the 28 references it cites were found in a registry or an index.
Stock Market Wealth and Consumption
Open accessAbstract
This paper explores the link between changes in the aggregate value of corporate stock and changes in consumer spending. It presents data on the distribution of corporate stock ownership based on the 1998 Survey of Consumer Finances. It also uses time-series evidence on the comovement of stock market wealth and various categories of consumer spending to calibrate “the wealth effect.” It concludes that in the year after a change in stock market values, consumer spending is likely to rise by between one and two cents for each dollar increase in the value of corporate stock.
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Cites
Bounds testing approaches to the analysis of level relationships
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001) · Journal of Applied Econometrics · doi:10.1002/jae.616 · Cited by 20,385
(2012) · American Economic Review · doi:10.1257/aer.102.7.i · Cited by 6,810
Estimating long-run relationships from dynamic heterogeneous panels
Pesaran, M. H., & Smith, R. (1995) · Journal of Econometrics · doi:10.1016/0304-4076(94)01644-f · Cited by 5,479
A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems
Stock, J. H., & Watson, M. W. (1993) · Econometrica · doi:10.2307/2951763 · Cited by 5,013
THE LIFE CYCLE HYPOTHESIS OF SAVING: AGGREGATE IMPLICATIONS AND TESTS
Ando, A. K., & Modigliani, F. (1963) · Cited by 2,012
THE BEHAVIORAL LIFE‐CYCLE HYPOTHESIS
Shefrin, H. M., & Thaler, R. H. (1988) · Economic Inquiry · doi:10.1111/j.1465-7295.1988.tb01520.x · Cited by 1,685
Sdol, E. (2009) · Cited by 1,396
The consumption of stockholders and nonstockholders
Mankiw, N. G., & Zeldes, S. P. (1991) · Journal of Financial Economics · doi:10.1016/0304-405x(91)90015-c · Cited by 1,273
Anomalies: Saving, Fungibility, and Mental Accounts
Thaler, R. H. (1990) · Journal of Economic Perspectives · doi:10.1257/jep.4.1.193 · Cited by 957
Imbens, G. W., Rubin, D. B., & Sacerdote, B. I. (2001) · American Economic Review · doi:10.1257/aer.91.4.778 · Cited by 512
Cited by
Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth Effect on Consumption
Lettau, M., & Ludvigson, S. C. (2004) · American Economic Review · doi:10.1257/000282804322970805 · Cited by 567
Recent Trends in the Size Distribution of Household Wealth
Wolff, E. N. (1998) · Journal of Economic Perspectives · doi:10.1257/jep.12.3.131 · Cited by 430
Peer performance and stock market entry
Kaustia, M., & Knüpfer, S. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.01.010 · Cited by 420
A Parsimonious Macroeconomic Model for Asset Pricing
(2009) · Econometrica · doi:10.3982/ecta6658 · Cited by 363
The 6D Bias and the Equity-Premium Puzzle
Gabaix, X., & Laibson, D. (2001) · NBER Macroeconomics Annual · doi:10.1086/654447 · Cited by 253
Metadata
- Authors
- Poterba, J. M.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2000-05-01
- Volume
- 14
- Issue
- 2
- Pages
- 99-118
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2066990638
- Cited by
- 698
- References
- 28
- FWCI
- 125.68
- Type
- journal article
- Language
- en
- Open access
- bronze
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
