{"id":108579,"date":"2024-01-22T15:38:07","date_gmt":"2024-01-22T14:38:07","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/108579\/"},"modified":"2024-11-07T03:28:46","modified_gmt":"2024-11-07T02:28:46","slug":"aktienkursdynamik-und-privater-konsum-in-den-usa-und-in-deutschland","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/108579\/","title":{"rendered":"Aktienkursdynamik und privater Konsum in den USA und in Deutschland"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-108579","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Die Studie dokumentiert die langfristige Entwicklung der wichtigsten Komponenten des Real- und Finanzverm\u00f6gens der privaten Haushalte sowie ihre Verteilung nach Einkommensklassen. Die statistischen Zusammenh\u00e4nge zwischen dem Gesamtverm\u00f6gen der Haushalte und dem Konsum erweisen sich dabei als enger als zwischen den jeweiligen Bewertungsverm\u00f6gen (ausschlie\u00dflich auf Ver\u00e4nderungen von \"asset prices\" zur\u00fcckzuf\u00fchren) und dem Konsum. Dies impliziert, dass die Konsumnachfrage der Haushalte auch mit erwarteten Verm\u00f6gens\u00e4nderungen korreliert ist. Die Konsumquoten stiegen zudem nach Haushaltsklassen umso st\u00e4rker, je niedriger das Niveau der Einkommen und damit des aktienkursabh\u00e4ngigen Finanzverm\u00f6gens war; jene Haushalte, welche vom Aktienboom am meisten profitierten, weiteten demnach ihre Konsumnachfrage am schw\u00e4chsten aus. Auf \u00c4nderungen des Immobilenverm\u00f6gens reagiert der Konsum der Haushalte st\u00e4rker als auf \u00c4nderungen des aktienkursabh\u00e4ngigen Finanzverm\u00f6gens. Die Studie zeigt, in welchen Punkten die empirische Evidenz den Erwartungen der Lebenszyklustheorie des Konsums widerspricht, und skizziert einen alternativen Erkl\u00e4rungsansatz.","onlinedate":"2004-07-21 02:00:00","lang":"German","publication_series":"","publication_date":"20040701","publication_date_year":"","publication_date_full":false,"publication_num_pages":"123","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":319299,"zip":null,"link":"","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[81966],"research_groups":[3491],"collaboration":"","persons":[3841],"persons_data":"[{\"personId\":3841,\"personName\":\"Stephan Schulmeister\",\"organisationNames\":[]}]","clients":[10660],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[\"Sokoll Eva\"]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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