Consumption Asymmetry and the Stock Market: Empirical Evidence

Nicholas Apergis () and Stephen M. Miller ()

No 2004-43, Working papers from University of Connecticut, Department of Economics

Abstract: This paper examines whether U.S. stock-market wealth asymmetrically affects consumption. After identifying asymmetric behavior for consumption and stock market wealth, the results confirm that stock-market wealth asymmetrically affects real per capita consumption. Negative 'news' affects 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, nep-fmk and nep-mac
Date: 2004-10, Revised 2006-04
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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Published in Economics Letters, December 2006

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http://www.econ.uconn.edu/working/2004-43r.pdf Full text (revised version) (application/pdf)

Related works:
Journal Article: Consumption asymmetry and the stock market: Empirical evidence (2006)
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Persistent link: http://EconPapers.repec.org/RePEc:uct:uconnp:2004-43

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