File Download
Links for fulltext
(May Require Subscription)
- Publisher Website: 10.1111/j.1538-4616.2009.00221.x
- Scopus: eid_2-s2.0-63349107943
- WOS: WOS:000264565200017
- Find via
Supplementary
- Citations:
- Appears in Collections:
Article: The spirit of capitalism, precautionary savings, and consumption
Title | The spirit of capitalism, precautionary savings, and consumption |
---|---|
Authors | |
Keywords | Consumption and saving behavior The sensitivity and smoothness of consumption The spirit of capitalism |
Issue Date | 2009 |
Publisher | Wiley Periodicals, Inc |
Citation | Journal Of Money, Credit And Banking, 2009, v. 41 n. 2-3, p. 543-554 How to Cite? |
Abstract | Recent research has shown that the "spirit of capitalism" - a preference for wealth itself, in addition to consumption - has important implications for growth and asset pricing. This paper explores how the spirit of capitalism affects saving and consumption behavior. We demonstrate that the spirit of capitalism may reduce the importance of precautionary savings. It can also explain the excess sensitivity puzzle: the spirit of capitalism causes dramatic deviations from a random walk. It may also offer a partial explanation of the excess smoothness puzzle. © 2009 The Ohio State University. |
Persistent Identifier | http://hdl.handle.net/10722/60164 |
ISSN | 2023 Impact Factor: 1.2 2023 SCImago Journal Rankings: 1.880 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Luo, Y | en_HK |
dc.contributor.author | Smith, WT | en_HK |
dc.contributor.author | Zou, HF | en_HK |
dc.date.accessioned | 2010-05-31T04:05:04Z | - |
dc.date.available | 2010-05-31T04:05:04Z | - |
dc.date.issued | 2009 | en_HK |
dc.identifier.citation | Journal Of Money, Credit And Banking, 2009, v. 41 n. 2-3, p. 543-554 | en_HK |
dc.identifier.issn | 0022-2879 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/60164 | - |
dc.description.abstract | Recent research has shown that the "spirit of capitalism" - a preference for wealth itself, in addition to consumption - has important implications for growth and asset pricing. This paper explores how the spirit of capitalism affects saving and consumption behavior. We demonstrate that the spirit of capitalism may reduce the importance of precautionary savings. It can also explain the excess sensitivity puzzle: the spirit of capitalism causes dramatic deviations from a random walk. It may also offer a partial explanation of the excess smoothness puzzle. © 2009 The Ohio State University. | en_HK |
dc.language | eng | en_HK |
dc.publisher | Wiley Periodicals, Inc | en_HK |
dc.relation.ispartof | Journal of Money, Credit and Banking | en_HK |
dc.subject | Consumption and saving behavior | en_HK |
dc.subject | The sensitivity and smoothness of consumption | en_HK |
dc.subject | The spirit of capitalism | en_HK |
dc.title | The spirit of capitalism, precautionary savings, and consumption | en_HK |
dc.type | Article | en_HK |
dc.identifier.openurl | http://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0022-2879&volume=41&spage=543&epage=554&date=2009&atitle=The+Spirit+Of+Capitalism,+Precautionary+Savings,+And+Consumption | en_HK |
dc.identifier.email | Luo, Y: yluo@econ.hku.hk | en_HK |
dc.identifier.authority | Luo, Y=rp01083 | en_HK |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1111/j.1538-4616.2009.00221.x | en_HK |
dc.identifier.scopus | eid_2-s2.0-63349107943 | en_HK |
dc.identifier.hkuros | 155464 | en_HK |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-63349107943&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 41 | en_HK |
dc.identifier.issue | 2-3 | en_HK |
dc.identifier.spage | 543 | en_HK |
dc.identifier.epage | 554 | en_HK |
dc.identifier.eissn | 1538-4616 | - |
dc.identifier.isi | WOS:000264565200017 | - |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | Luo, Y=23767888300 | en_HK |
dc.identifier.scopusauthorid | Smith, WT=7406470124 | en_HK |
dc.identifier.scopusauthorid | Zou, HF=7202372832 | en_HK |
dc.identifier.issnl | 0022-2879 | - |