Spending Less after (Seemingly) Bad News

IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE Journal of Finance Pub Date : 2024-04-29 DOI:10.1111/jofi.13325
MARK J. GARMAISE, YARON LEVI, HANNO LUSTIG
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Abstract

Using high-frequency spending data, we show that household consumption displays excess sensitivity to salient macroeconomic news, even when the news is not real. When the announced local unemployment rate reaches a 12-month maximum, local news coverage of unemployment increases and local consumers reduce their discretionary spending by 1.5% relative to consumers in areas with the same macroeconomic conditions. Low-income households display greater excess sensitivity to salience. The decrease in spending is not later reversed. Households in treated areas act as if they are more financially constrained than those in untreated areas with the same fundamentals.

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在收到(看似)坏消息后减少支出
通过使用高频消费数据,我们发现家庭消费对显著的宏观经济新闻表现出过度的敏感性,即使这些新闻并不真实。当公布的当地失业率达到 12 个月的最高值时,当地有关失业的新闻报道就会增加,与宏观经济条件相同地区的消费者相比,当地消费者的可自由支配支出就会减少 1.5%。低收入家庭对显著性的过度敏感度更高。支出的减少后来并没有逆转。在基本面相同的情况下,与未受影响地区的家庭相比,受影响地区的家庭在经济上更加拮据。
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来源期刊
Journal of Finance
Journal of Finance Multiple-
CiteScore
12.90
自引率
2.50%
发文量
88
期刊介绍: The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.
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