Dynamic spending responses to wealth shocks: evidence from quasi lotteries on the stock market
How 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 ch...
| Main Authors: | , , |
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| Format: | Journal article |
| Language: | English |
| Published: |
American Economic Association
2024
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