000			01113nam a22001457a 4500
999			_c518497 _d518497
008			210927b ||||| |||| 00| 0 eng d
100			_aReich, G.C., Nenov, P.T. and Simsek, A. _929534
245			_aStock market wealth and the real economy: A local labor market approach
260			_aThe American Economic Review
300			_a111(5), May, 2021: p.1623-1657
520			_aWe 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
773			_aThe American Economic Review
906			_aSOCK MARKETS
942			_cAR