We survey a representative sample of US households to study how exposure to the COVID-19 stock market crash affects expectations and planned behavior. Wealth shocks are associated with upward adjustments of expectations about retirement age, desired working hours, and household debt, but have only small effects on expected spending. We provide correlational and experimental evidence that beliefs about the duration of the stock market recovery shape households’ expectations about their own wealth and their planned investment decisions and labor market activity. Our findings shed light on the implications of household exposure to stock market crashes for expectation formation.

中文翻译：

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暴露于 COVID-19 股市崩盘及其对家庭预期的影响

我们调查了美国家庭的代表性样本，以研究暴露于 COVID-19 股市崩盘的风险如何影响预期和计划行为。财富冲击与对退休年龄、理想工作时间和家庭债务的预期向上调整有关，但对预期支出的影响很小。我们提供了相关性和实验性证据，表明对股市复苏持续时间的看法会影响家庭对自身财富、计划投资决策和劳动力市场活动的预期。我们的研究结果阐明了家庭对股市崩盘的风险敞口对预期形成的影响。