| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11534 |
| 来源ID | Working Paper 11534 |
| How Do House Prices Affect Consumption? Evidence From Micro Data | |
| John Y. Campbell; João F. Cocco | |
| 发表日期 | 2005-08-08 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by relaxing borrowing constraints. This paper investigates the response of household consumption to house prices using UK micro data. We estimate the largest effect of house prices on consumption for older homeowners, and the smallest effect, insignificantly different from zero, for younger renters. This finding is consistent with heterogeneity in the wealth effect across these groups. In addition, we find that regional house prices affect regional consumption growth. Predictable changes in house prices are correlated with predictable changes in consumption, particularly for households that are more likely to be borrowing constrained, but this effect is driven by national rather than regional house prices and is important for renters as well as homeowners, suggesting that UK house prices are correlated with aggregate financial market conditions. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w11534 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569178 |
| 推荐引用方式 GB/T 7714 | John Y. Campbell,João F. Cocco. How Do House Prices Affect Consumption? Evidence From Micro Data. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11534.pdf（556KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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