全球智库信息集成服务系统(G2TT): DP7876 Credit, Housing Collateral and Consumption: Evidence from the UK, Japan and the US

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7876
	DP7876 Credit, Housing Collateral and Consumption: Evidence from the UK, Japan and the US
	John Muellbauer; Janine Aron; John V Duca; Keiko Murata; Anthony Murphy
发表日期	2010-06-01
出版年	2010
语种	英语
摘要	The consumption behaviour of UK, US and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral and other credit effects. These models therefore capture important parts of the financial accelerator. The evidence is that credit availability for UK and US but not Japanese households has undergone large shifts since 1980. The average consumption-to-income ratio shifted up in the UK and US as mortgage down-payment constraints eased and as the collateral role of housing wealth was enhanced by financial innovations, such as home equity loans. The estimated housing collateral effect is roughly similar in the US and UK, while land prices in Japan still have a negative effect on consumer spending. Together with evidence for negative real interest rate effects in the UK and US and positive ones in Japan, this suggests important differences in the transmission of monetary and credit shocks between Japan and the US, UK and other credit-liberalized economies.
主题	International Macroeconomics
关键词	Consumption Credit conditions Housing collateral and housing wealth
URL	https://cepr.org/publications/dp7876
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/536713
推荐引用方式 GB/T 7714	John Muellbauer,Janine Aron,John V Duca,et al. DP7876 Credit, Housing Collateral and Consumption: Evidence from the UK, Japan and the US. 2010.