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Consumption Asymmetry and the Stock Market: Further Evidence
Nicholas Apergis ()
Stephen M. Miller
Working papers from University of Connecticut, Department of Economics
This paper investigates the presence of asymmetric effects of stock returns on real consumption in the US. After identifying the asymmetric behavior for consumption as well as the wealth effect, the results confirm that stock returns have an asymmetric effect on real consumption, with negative 'news' affecting consumption more than positive 'news'.
Keywords: Consumption; Stock market; Wealth effect; Asymmetry (search for similar items in EconPapers)
JEL-codes: E21 E44 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fin
Note: The authors express special thanks to Angelos Antzoulatos, Georgios Karras, and Plutarchos Sakellaris for their comments on an earlier draft. Nonetheless, the usual disclaimer applies.
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Persistent link: http://EconPapers.repec.org/RePEc:uct:uconnp:2004-19
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