Stock Market Returns and Consumption
利用瑞典家庭持股数据，研究发现股票未实现资本收益的边际消费倾向在财富底层50%家庭为23%，顶层30%家庭仅约3%，且家庭消费对股息支付的反应更强。
ABSTRACT This paper employs Swedish data on households' stock holdings to investigate how consumption responds to changes in stock market returns. We instrument the actual capital gains and dividend payments with past portfolio weights. Unrealized capital gains lead to a marginal propensity to consume of 23% for the bottom 50% of the wealth distribution and about 3% for the top 30% of the wealth distribution. Household consumption is significantly more responsive to dividend payouts across all parts of the wealth distribution. Our findings are consistent with households treating capital gains and dividends as separate sources of income.