000			01589nab a2200253 c 4500
999			_c150206 _d150206
003			ES-MaIEF
005			20250205093733.0
007			ta
008			250203t2024 xxu||||| |||| 00| 0 eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_962177 _aAndersen, Asger Lau
245	1	0	_aDynamic spending responses to wealth shocks _bevidence from quasi lotteries on the stock market _c Asger Lau Andersen, Niels Johannesen and Adam Sheridan
504			_aBibliografía.
520			_aHow much and over what horizon do households adjust their consumption in response to stock market wealth shocks? We address these questions using granular data on spending and stock portfolios from a large bank and exploiting lottery-like variation in gains across investors with similar portfolio characteristics. Consistent with the permanent income hypothesis, spending responses to stock market gains are immediate and persistent. The monthly responses cumulate to marginal propensities to consume of 4.4 percent over one year and 16 percent over three years. The results suggest that inattention attenuates household responses to stock market cycles over horizons as long as one year.
650		4	_940660 _aCONSUMO FAMILIAR
650		4	_943004 _aECONOMIA DOMESTICA
650		4	_948460 _aSOCIEDADES DE INVERSION
650		4	_947661 _aMACROECONOMIA
650		4	_940657 _aCONSUMIDORES
700			_959685 _aJohannesen, Niels
700	1		_972256 _aSheridan, Adam
773	0		_9172578 _oOP 2145/2024/3 _tThe American Economic Review _x 2640-205X _g v. 6, n. 3, September 2024, p. 434-452.
942			_cART