Stock Ownership Patterns, Stock Market Fluctuations, and Consumption

68 Pages Posted: 4 Jul 2004

See all articles by James M. Poterba

James M. Poterba

National Bureau of Economic Research (NBER); Massachusetts Institute of Technology (MIT) - Department of Economics

Andrew A. Samwick

Dartmouth College - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: January 1996

Abstract

The bull market of the last year has raised the total value of corporate stock in the United States by nearly a trillion dollars. While many analysts have tried to explain or interpret the recent movements of the stock market, there has been less attention to the link between rising stock prices and real economic activity. How are the gains from and increase in share prices distributed across households? What fraction of these gains accrues to a small set of wealthy investors? How do rising stock prices affect consumer spending?

Suggested Citation

Poterba, James M. and Samwick, Andrew A., Stock Ownership Patterns, Stock Market Fluctuations, and Consumption (January 1996). NBER Working Paper No. R2027. Available at SSRN: https://ssrn.com/abstract=227266

James M. Poterba (Contact Author)

National Bureau of Economic Research (NBER) ( email )

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Massachusetts Institute of Technology (MIT) - Department of Economics ( email )

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Andrew A. Samwick

Dartmouth College - Department of Economics ( email )

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603-646-2893 (Phone)
603-646-2122 (Fax)

HOME PAGE: http://www.dartmouth.edu/~samwick

National Bureau of Economic Research (NBER)

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United States

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