The relationship between financial asset returns and the well-being of US households
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This is an Author's Accepted Manuscript of an article published in the Applied Economics Letters 2014, copyright Taylor & Francis, available online at: <a href="http://www.tandfonline.com/10.1080/13504851.2014.916380">http://www.tandfonline.com/10.1080/13504851.2014.916380</a>
This note considers the effect of changes on the well-being of US residents owing to changes in the value of various financial assets. Ordinary least squares estimates reveal that equity market returns have a significant and asymmetric, impact on the well-being. This result is likely the result of a wealth effect whereby rising (falling) stock markets increase (decrease) the ability to meet basic needs and this contributes to a shifting assessment of life-situation and overall well-being.
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