| 000 -LEADER |
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| fixed length control field |
01149nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
210927b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Reich, G.C., Nenov, P.T. and Simsek, A. |
| 245 ## - TITLE STATEMENT |
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| Title |
Stock market wealth and the real economy: A local labor market approach |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
The American Economic Review |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
111(5), May, 2021: p.1623-1657 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
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. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name as entry element |
Stock market |
| 9 (RLIN) |
29561 |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
The American Economic Review |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
LABOUR MARKETS |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
