全球智库信息集成服务系统(G2TT): DP11255 Non-durable Consumption and Housing Net Worth in the Great Recession: Evidence from Easily Accessible Data

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP11255
	DP11255 Non-durable Consumption and Housing Net Worth in the Great Recession: Evidence from Easily Accessible Data
	Kurt Mitman; Greg Kaplan; Giovanni L. Violante
发表日期	2016-05-02
出版年	2016
语种	英语
摘要	In an influential paper, Mian, Rao and Sufi (2013) exploit geographic variation in housing supply elasticities to measure the effect of changes in the housing share of net worth on total household expenditures during the Great Recession. Their widely-cited estimates are based on proprietary house price data, and use new vehicle registrations as the main proxy for total spending. We revisit their study using different, publicly available data on house prices, and an easily-accessible proxy for expenditures in non-durable goods. We re-affirm their findings in our data, and refine their analysis in several dimensions: (i) we separate the roles of falling house prices and initial leverage; (ii) we distinguish the effects on real consumption versus nominal expenditures; and (iii) we infer the implied elasticity of total non-durable expenditures in goods and services to housing net worth.
主题	Monetary Economics and Fluctuations
关键词	Non-durable expenditures House prices Consumption Great recession
URL	https://cepr.org/publications/dp11255
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/540073
推荐引用方式 GB/T 7714	Kurt Mitman,Greg Kaplan,Giovanni L. Violante. DP11255 Non-durable Consumption and Housing Net Worth in the Great Recession: Evidence from Easily Accessible Data. 2016.