The sentimental propagation of lottery winnings: Evidence from the Spanish Christmas lottery

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-04-01 DOI:10.1016/j.jmoneco.2023.10.006

Morteza Ghomi , Isabel Micó-Millán , Evi Pappa

引用次数: 0

Abstract

Using the Spanish Christmas lottery as a natural experiment, the impact of geographically clustered lottery winnings on consumer sentiment and intended durable consumption is analyzed. Albeit not receiving lottery prizes, consumers in winning provinces become significantly more optimistic about the Spanish macroeconomic conditions than those living elsewhere. This variation in sentiment is shown to be orthogonal to changes in regional fundamentals and leads to a rise in spending intentions. Young, less educated, low-income, and unemployed individuals react stronger to the lottery shock. At the regional level, lottery wins significantly increase car licenses, reduce unemployment, and intensify job creation and prices.

查看原文本刊更多论文

彩票中奖的情感传播：西班牙圣诞彩票的证据

本文以西班牙圣诞彩票为自然实验，分析了按地理位置分组的彩票中奖对消费者情绪和预期耐用消费的影响。尽管没有获得彩票奖金，但中奖省份的消费者对西班牙宏观经济状况的乐观程度明显高于其他地区的消费者。这种情绪上的变化与地区基本面的变化是正交的，并导致消费意愿的上升。年轻人、教育程度较低、低收入和失业者对彩票冲击的反应更为强烈。在地区层面上，彩票中奖会显著增加汽车牌照，降低失业率，增加就业岗位和提高物价。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.