加密货币财富对家庭消费和投资的影响

NBER WORKING PAPER SERIESTHE EFFECTS OF CRYPTOCURRENCY WEALTH ON HOUSEHOLD CONSUMPTION AND INVESTMENTDarren AielloScott R. BakerTetyana BalyukMarco Di MaggioMark J. JohnsonJason D. KotterWorking Paper 31445http://www.nber.org/papers/w31445NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138July 2023We thank Sergey Chernenko and seminar and conference participants at BYU, Ohio State (Econ), UChicago, Purdue, and Emory for comments and suggestions. All errors are our own responsibility. No material or relevant financial relationships. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.© 2023 by Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, and Jason D. Kotter. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.The Effects of Cryptocurrency Wealth on Household Consumption and InvestmentDarren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, and JasonD. KotterNBER Working Paper No. 31445July 2023JEL No. G23,G50,G51,R31ABSTRACTThis paper uses transaction-level data across millions of accounts to identify cryptocurrency investors and evaluate how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate markets. We estimate an MPC out of unrealized crypto gains that is more than double the MPC out of unrealized equity gains but smaller than the MPC from exogenous cash flow shocks. This MPC is mostly driven by increases in cash/check spending and mortgages. Moreover, households sell crypto to increase both discretionary as well as housing spending. As a result, crypto wealth causes house price appreciation—counties with higher crypto wealth see higher growth in home values following high crypto returns. Our results indicate that cryptocurrencies have substantial spillover effects on the real economy through consumption and investment into other asset classes.Darren AielloBrigham Young University683 TNRBProvo, UT 84663darren.aiello@gmail.comScott R. BakerKellogg School of ManagementNorthwestern University2211 Campus DriveEvanston, IL 60208and NBERs-baker@kellogg.northwestern.eduTetyana BalyukGoizueta Business SchoolEmory University1300 Clifton RdAtlanta, GA 30322tetyana.balyuk@emory.eduMarco Di MaggioHarvard Business SchoolBaker Library 265Soldiers FieldBoston, MA 02163and NBERmdimaggio@hbs.eduMark J. JohnsonBrigham Young University Department of FinanceProvo, UT 84602markjjohnson@byu.eduJason D. KotterBrigham Young UniversityMarriott School of BusinessProvo, UT 84602jasonkotter@byu.edu1In