| Publisher | Federal Reserve Board | ||
|---|---|---|---|
| Format | 220.4KB PDF | Date added | 01 May 2003 |
| Topics | Financial Management | ||
| Downloads | 33 | ||
It is well accepted that households increase consumption of goods and services in response to an unexpected increase in wealth. Consensus estimates of this wealth effect are in the range of 3 to 5 cents of additional consumption spending in the long run for each additional dollar of wealth. Economic theory also suggests that consumption of leisure, like consumption of goods and services, should increase with positive shocks to wealth. This paper discusses whether the run-up in equity prices during the 1990s led older workers to retire earlier than they had previously planned.
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