Equity culture and household behavior
研究股权文化如何影响家庭进入股市后的消费、借贷和预防性储蓄行为，发现无借贷约束时家庭会增加消费和借贷，而有借贷约束时效果取决于风险厌恶程度。
Equity culture has spread among households on both sides of the Atlantic. We study likely effects of equity culture on the behavior of households entering the stock market. Without borrowing constraints, the improved prospects arising from the equity premium tend to dominate the increase in riskiness of future income streams. This encourages entrants to increase consumption, borrowing, and precautionary wealth accumulation, and to reduce net financial wealth. Whether borrowingconstrained entrants will tend to increase consumption depends on risk aversion and on constraint tightness. Borrowing constraints can reduce, eliminate, or reverse the tendency of entrants to hold larger precautionary wealth buffers.