Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment

• 成果类型: Article
• 署名作者: Benmelech, Efraim; Guren, Adam; Melzer, Brian T.
• 署名单位: Northwestern University; National Bureau of Economic Research; Boston University; Dartmouth College
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhac041
• 发表日期: 2022
• 页码: 122
• 关键词: prices; WEALTH; equity

摘要

We introduce and quantify a new channel through which the housing market affects household spending: the home purchase channel. Households spend on average $8,000 more on home-related durables and home improvements in the 2 years following a home purchase. Expenditures on nondurables and durables unrelated to the home remain unchanged or decrease modestly. The home purchase channel played a substantial role in the Great Recession, accounting for one-third of the decline in spending on home-related durables and home improvements from 2005 to 2010.