Exposure to the COVID-19 Stock Market Crash and Its Effect on Household Expectations
通过调查美国家庭，研究股市崩盘暴露如何影响家庭对退休年龄、工作时长、债务和支出的预期，以及信念在其中的作用。
Abstract We survey a representative sample of U.S. households to study how exposure to the COVID-19 stock market crash affects expectations and planned behavior. Wealth shocks are associated with upward adjustments of expectations about retirement age, desired working hours, and household debt but have only small effects on expected spending. We provide correlational and experimental evidence that beliefs about the duration of the stock market recovery shape households' expectations about their own wealth and their planned investment decisions and labor market activity. Our findings shed light on the implications of household exposure to stock market crashes for expectation formation.