| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16144 |
| DP16144 Help to Spend? The Housing Market and Consumption Response to Relaxing the Down Payment Constraint | |
| Neeltje van Horen; Belinda Tracey | |
| 发表日期 | 2022-02-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We show that relaxing the down payment constraint positively affects household consumption in addition to stimulating housing market activity. For identification, we use the UK Help-to-Buy (HTB) program as a quasi-natural experiment and exploit geographic variation in exposure to the program. We document a significant increase in home purchases, largely driven by first-time and young buyers. More exposed regions also experience a rise in home-related expenditures, non-durable consumption and loan-financed car purchases. Local demand effects appear to partly drive the consumption response. Our findings thus show that interventions in the mortgage market can have important local macroeconomic spillover effects. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Borrowing constraints Consumption Housing market Mortgage market |
| URL | https://cepr.org/publications/dp16144-0 |
| 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/546014 |
| 推荐引用方式 GB/T 7714 | Neeltje van Horen,Belinda Tracey. DP16144 Help to Spend? The Housing Market and Consumption Response to Relaxing the Down Payment Constraint. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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