| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8128 |
| DP8128 Housing purchases and the dynamics of housing wealth | |
| Olympia Bover | |
| 发表日期 | 2010-12-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | I model the purchase behavior of main and secondary housing by Spanish households using the panel sample from the first two waves of the Spanish household finance survey (EFF). I estimate discrete hazard models using retrospective and within-period purchase sequences. I also estimate an (S,s) model combining transactions data with longitudinal information on household wealth and housing stock values. I look at the role of adaptive expectations about the rate of return on housing and find they have a positive and significant effect on the demand for houses. This is true for historical and within-period purchase probabilities as well as for the target ratio of housing wealth to total wealth. The volatility of house price growth has a negative effect on purchases for investment but a positive one on purchases for consumption. |
| 主题 | Financial Economics |
| 关键词 | (s S) rule Adaptive expectations House purchases Household finance Housing returns Secondary homes |
| URL | https://cepr.org/publications/dp8128 |
| 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/536965 |
| 推荐引用方式 GB/T 7714 | Olympia Bover. DP8128 Housing purchases and the dynamics of housing wealth. 2010. |
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