American Economic Review · 2021 · Gabriel Chodorow-Reich、Plamen T. Nenov、Alp Simsek
中文摘要
我们通过本地劳动力市场分析，为股票市场消费财富效应提供了证据。由总体股价驱动的本地股票财富增加，提升了非贸易行业及整体的本地就业和薪酬总额，但对贸易行业的就业没有影响。在包含股票财富地理异质性的模型中，这些反应意味着每年3.2美分的边际消费倾向（MPC），并且股票估值20%的增加，除非被货币政策抵消，否则将在冲击发生两年后使总体劳动报酬至少增加1.7个百分点，使总体工时至少增加0.7个百分点。（JEL E21, E24, E52, G12, G51, R22, R23）
Abstract
We provide evidence of the stock market consumption wealth effect by using a local labor market analysis. An increase in local stock wealth driven by aggregate stock prices increases local employment and payroll in nontradable industries and in total, with no effect on employment in tradable industries. In a model of geographic heterogeneity in stock wealth, these responses imply an MPC of 3.2 cents per year and that a 20 percent increase in stock valuations, unless countered by monetary policy, increases the aggregate labor bill by at least 1.7 percent and aggregate hours by at least 0.7 percent two years after the shock. (JEL E21, E24, E52, G12, G51, R22, R23 )