| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6770 |
| DP6770 Carrots and Sticks: Prizes and Punishments in Contests | |
| Benny Moldovanu; Aner Sela; Xianwen Shi | |
| 发表日期 | 2008-04-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Many factors have contributed to the development of credit markets, easing access of households to credit. This paper considers the implications of easier credit for the influence of higher house prices on consumer expenditure. It argues that with poorly developed credit markets, the effect is likely to be negative, but becomes positive as access to housing collateral increases and down-payments for first time home buyers fall in relation to values. The implications for differences between countries and changes in consumer behaviour over time are explored. Previous studies are reviewed: the omission of credit liberalization and other controls has often biased estimates of housing ?wealth? effects on consumption. New empirical estimates for the UK and US suggest that there was no housing ?wealth effect? before credit market liberalization, but that the housing collateral effect is now significant, larger than the stock market wealth effect, and about twice as large in the US as the UK. |
| 主题 | International Macroeconomics |
| 关键词 | Consumer expenditure Credit channel Housing wealth |
| URL | https://cepr.org/publications/dp6770 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535618 |
| 推荐引用方式 GB/T 7714 | Benny Moldovanu,Aner Sela,Xianwen Shi. DP6770 Carrots and Sticks: Prizes and Punishments in Contests. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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