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Article: The spirit of capitalism, precautionary savings, and consumption

TitleThe spirit of capitalism, precautionary savings, and consumption
Authors
Luo, YSmith, WTZou, HF
KeywordsConsumption and saving behavior
The sensitivity and smoothness of consumption
The spirit of capitalism
Issue Date2009
PublisherWiley Periodicals, Inc
Citation
Journal Of Money, Credit And Banking, 2009, v. 41 n. 2-3, p. 543-554 How to Cite?
DOI: http://dx.doi.org/10.1111/j.1538-4616.2009.00221.x
AbstractRecent 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 Identifierhttp://hdl.handle.net/10722/60164
ISSN
0022-2879
2023 Impact Factor: 1.2
2023 SCImago Journal Rankings: 1.880
ISI Accession Number ID
WOS:000264565200017
References
References in Scopus

 

DC FieldValueLanguage
dc.contributor.authorLuo, Yen_HK
dc.contributor.authorSmith, WTen_HK
dc.contributor.authorZou, HFen_HK
dc.date.accessioned2010-05-31T04:05:04Z-
dc.date.available2010-05-31T04:05:04Z-
dc.date.issued2009en_HK
dc.identifier.citationJournal Of Money, Credit And Banking, 2009, v. 41 n. 2-3, p. 543-554en_HK
dc.identifier.issn0022-2879en_HK
dc.identifier.urihttp://hdl.handle.net/10722/60164-
dc.description.abstractRecent 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.languageengen_HK
dc.publisherWiley Periodicals, Incen_HK
dc.relation.ispartofJournal of Money, Credit and Bankingen_HK
dc.subjectConsumption and saving behavioren_HK
dc.subjectThe sensitivity and smoothness of consumptionen_HK
dc.subjectThe spirit of capitalismen_HK
dc.titleThe spirit of capitalism, precautionary savings, and consumptionen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://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+Consumptionen_HK
dc.identifier.emailLuo, Y: yluo@econ.hku.hken_HK
dc.identifier.authorityLuo, Y=rp01083en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1111/j.1538-4616.2009.00221.xen_HK
dc.identifier.scopuseid_2-s2.0-63349107943en_HK
dc.identifier.hkuros155464en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-63349107943&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume41en_HK
dc.identifier.issue2-3en_HK
dc.identifier.spage543en_HK
dc.identifier.epage554en_HK
dc.identifier.eissn1538-4616-
dc.identifier.isiWOS:000264565200017-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridLuo, Y=23767888300en_HK
dc.identifier.scopusauthoridSmith, WT=7406470124en_HK
dc.identifier.scopusauthoridZou, HF=7202372832en_HK
dc.identifier.issnl0022-2879-

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