| 000 | 02289cam a22003617 4500 | ||
|---|---|---|---|
| 001 | w27010 | ||
| 003 | NBER | ||
| 005 | 20211020103801.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2020 mau fo 000 0 eng d | ||
| 100 | 1 | _aGarmaise, Mark. | |
| 245 | 1 | 0 |
_aSpending Less After (Seemingly) Bad News / _cMark Garmaise, Yaron Levi, Hanno Lustig. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c2020. |
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| 300 |
_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w27010 |
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| 500 | _aApril 2020. | ||
| 520 | 3 | _aUsing high-frequency spending data, we show that household consumption displays excess sensitivity to salient macro-economic 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 2% relative to consumers in areas with the same macro-economic fundamentals. The consumption of low-income households displays greater excess sensitivity to salience. The decrease in spending is not reversed in subsequent months; instead, negative news persistently reduces future spending for two to four months. Households in treated areas act as if they are more financially constrained than those in untreated areas with the same fundamentals. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aD12 - Consumer Economics: Empirical Analysis _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG4 - Behavioral Finance _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG51 - Household Saving, Borrowing, Debt, and Wealth _2Journal of Economic Literature class. |
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| 700 | 1 | _aLevi, Yaron. | |
| 700 | 1 |
_aLustig, Hanno. _915690 |
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| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w27010. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w27010 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w27010 |
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_2ddc _cW-PAPER |
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_c321113 _d279675 |
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