Consumption asymmetry and the stock market: Empirical evidence

被引：87

作者：

Apergis, Nicholas ^{[1
]}

Miller, Stephen M. ^{[1
]}

机构：

[1] Univ Nevada, Dept Econ, Las Vegas, NV 89154 USA

来源：

ECONOMICS LETTERS | 2006年 / 93卷 / 03期

关键词：

consumption; stock market; wealth; asymmetry;

D O I：

10.1016/j.econlet.2006.06.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines whether U.S. stock-market value affects consumption asymmetrically. Using cointegration and error-correction methodology, the results confirm that stock-market value asymmetrically affects real per capita consumption. Negative "news" affects consumption more than positive "news." (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：337 / 342

页数：6

共 22 条

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[Anonymous], 2001, EC Q

[2]

BOON L, 1998, 308 OECD EC DEP

[3] On the concavity of the consumption function [J].