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dc.contributor.authorChristelis, Dimitrisen
dc.contributor.authorGeorgarakos, Dimitrisen
dc.contributor.authorJappelli, Tullioen
dc.date.accessioned2011-11-10-
dc.date.accessioned2012-04-20T17:08:58Z-
dc.date.available2012-04-20T17:08:58Z-
dc.date.issued2011-
dc.identifier.piurn:nbn:de:hebis:30:3-241104en
dc.identifier.urihttp://hdl.handle.net/10419/57347-
dc.description.abstractWe use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of wealth shocks and unemployment during the Great Recession in the US. We find that many households experienced large capital losses in housing and in their financial portfolios, and that a non-trivial fraction of respondents have lost their job. As a consequence of these shocks, many households reduced substantially their expenditures. We estimate that the marginal propensities to consume with respect to housing and financial wealth are 1 and 3.3 percentage points, respectively. In addition, those who became unemployed reduced spending by 10 percent. We also distinguish the effect of perceived transitory and permanent wealth shocks, splitting the sample between households who think that the stock market is likely to recover in a year's time, and those who don't. In line with the predictions of standard models of intertemporal choice, we find that the latter group adjusted much more than the former its spending in response to financial wealth shocks.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2011/27en
dc.subject.jelE21en
dc.subject.jelD91en
dc.subject.ddc330en
dc.subject.keywordMarginal Propensity to Consumeen
dc.subject.keywordWealth Shocksen
dc.subject.keywordUnemploymenten
dc.subject.stwWirtschaftskriseen
dc.subject.stwVermögenseffekten
dc.subject.stwGesamtwirtschaftlicher Konsumen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwUSAen
dc.titleWealth shocks, unemployment shocks and consumption in the wake of the Great Recession-
dc.typeWorking Paperen
dc.identifier.ppn671918419en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:201127en

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