Spending Less after (Seemingly) Bad News

• 成果类型: Article
• 署名作者: Garmaise, Mark J.; Levi, Yaron; Lustig, Hanno
• 署名单位: National Bureau of Economic Research; Centre for Economic Policy Research - UK; Stanford University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13325
• 发表日期: 2024
• 页码: 2429-2471
• 关键词: consumption; media; fluctuations; INFORMATION; Sentiment; BIAS

摘要

Using high-frequency spending data, we show that household consumption displays excess sensitivity to salient macroeconomic news, even when the news is not real. When the announced local unemployment rate reaches a 12-month maximum, local news coverage of unemployment increases and local consumers reduce their discretionary spending by 1.5% relative to consumers in areas with the same macroeconomic conditions. Low-income households display greater excess sensitivity to salience. The decrease in spending is not later reversed. Households in treated areas act as if they are more financially constrained than those in untreated areas with the same fundamentals.