文章基本信息

标题：Households’ Response to Wealth Changes: Do Gains or Losses make a Difference?
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作者：Robert Paul Berben ; Kerstin Bernoth en Mauro Mastrogiacomo
期刊名称：DNB Working Papers / De Nederlandsche Bank
出版年度：2006
卷号：1
出版社：De Nederlandsche Bank
摘要：We estimate the excess impact of financial asset capital losses relative to gains on household active savings and durable goods consumption in the Netherlands. The sample period covers both the stock market boom during the 90’s, and the bear period afterwards. The results suggest that households react more to capital losses than to capital gains. Failing to take into account this asymmetry may seriously bias the estimates of the marginal propensity to consume out of wealth. JEL classification: D12, E21.
关键词：Household savings, wealth effect, capital gains