Housing Wealth and Consumption: A Micro Panel Study

• 成果类型: Article
• 署名作者: Browning, Martin; Gortz, Mette; Leth-Petersen, Soren
• 署名单位: University of Copenhagen; University of Oxford; University of Copenhagen
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12017
• 发表日期: 2013
• 页码: 401-428
• 关键词: prices; constraints

摘要

There is strong evidence that house prices and consumption are synchronised. There is, however, disagreement over the causes of this link. This study examines if there is a wealth effect of house prices on consumption. Using a household-level panel data set with information about house ownership, income, wealth and demographics for a large sample of the Danish population in the period 198796, we model the dependence of the growth rate of total household expenditure with unanticipated innovations to house prices. Controlling for factors related to competing explanations, we find little evidence of a housing wealth effect.