This research empirically investigates whether consumer confidence is affected by seasonal daylight fluctuations. Cross‐country panel regressions are run with two different datasets. It is found that both solar elevation and sunlight duration positively affect consumer confidence. The presence of country and year‐by‐month fixed effects as well as controls for the business cycle help rule out alternative explanations. A one standard deviation increase in solar elevation or sunlight duration is associated with a 0.03–0.04 SD increase in consumer confidence.

中文翻译：

---

季节性和消费者信心

本研究实证调查了消费者信心是否受到季节性日光波动的影响。跨国面板回归使用两个不同的数据集进行。研究发现，太阳高度角和日照持续时间都会对消费者信心产生积极影响。国家和逐月固定效应的存在以及对商业周期的控制有助于排除其他解释。太阳高度角或日照持续时间增加一个标准差与 0.03–0.04 相关标清消费者信心增强。