Leadership Insights

Stock Market Returns and Consumption—Do stock market rallies ignite consumer spending or saving?

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LEADERSHIP INSIGHTS

Stock Market Returns and Consumption Using a unique security-level dataset on household stock holdings for the entire Swedish population, this study reveals how changes in stock market returns can spark consumer spending. While the marginal propensity to consume (MPC) for the top 50 percent of financial wealth distribution remains the same at about 5 percent, it rises above 10 percent for the bottom 50 percent. When capital gains and dividends are viewed as separate income, stock market rallies can ignite a spending splurge that also cuts into how much households are saving for rainy days.

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