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Using European and US data over the period 1990-2010 we study the stock marketconsumer confidence relationship (SM-CC). We argue that if consumers use stock markets to predict future economic conditions the SM-CC relationship should be weaker during stock market declines which are not followed by economic turbulences. We use the post Dot-Com stock market crash and the stock market crash of the Financial Crisis to test our hypothesis. In contrast with the literature on financial illiteracy ofdoi:10.2139/ssrn.2011762 fatcat:kusefch6azeabm5rpvkshktuhe