文章基本信息

标题：Stock Market Fluctuations and Consumption Behaviour
本地全文：下载
作者：Laurence Boone ; Claude Giorno ; Pete Richardson 等
期刊名称：Economics Department Working Papers / OECD
印刷版ISSN：0259-4633
出版年度：1998
卷号：1998
DOI：10.1787/853414662323
出版社：Organisation for Economic Co-operation and Development (OECD)
摘要：This paper examines the likely influence of recent stock market fluctuations on major OECD economies, focusing on wealth effects and consumption. After reviewing the relevant theoretical framework and available empirical evidence, consumption functions are estimated for the US including the influence of financial wealth. The resulting estimates of the marginal propensity to consume out of financial wealth are extrapolated to other G7 countries, allowing for differences in stock market capitalisation, and compared with ones obtained more directly from consumption functions that include stock market prices as an explanatory variable. Simulations are then carried out to assess the potential world impact of a major fall in stock market prices in the G7 countries using a version of the OECD INTERLINK model which embodies the latter equations. The overall effects are found to be significant, particularly when relevant international linkage mechanisms are taken into account ...