The relationship between financial asset returns and the well-being of US households

Lee Smales

Applied Economics Letters, 2014, vol. 21, issue 17, 1184-1188

Abstract: This note considers the effect of changes on the well-being of US residents owing to changes in the value of various financial assets. Ordinary least squares estimates reveal that equity market returns have a significant and asymmetric, impact on the well-being. This result is likely the result of a wealth effect whereby rising (falling) stock markets increase (decrease) the ability to meet basic needs and this contributes to a shifting assessment of life-situation and overall well-being.

Date: 2014
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DOI: 10.1080/13504851.2014.916380

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