| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12746 |
| 来源ID | Working Paper 12746 |
| How Large Is the Housing Wealth Effect? A New Approach | |
| Christopher D. Carroll; Misuzu Otsuka; Jirka Slacalek | |
| 发表日期 | 2006-12-08 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper presents a simple new method for estimating the size of 'wealth effects' on aggregate consumption. The method exploits the well-documented sluggishness of consumption growth (often interpreted as 'habits' in the asset pricing literature) to distinguish between short-run and long-run wealth effects. In U.S. data, we estimate that the immediate (next-quarter) marginal propensity to consume from a $1 change in housing wealth is about 2 cents, with a final long-run effect around 9 cents. Consistent with several recent studies, we find a housing wealth effect that is substantially larger than the stock wealth effect. We believe that our approach is preferable to the currently popular cointegration- based estimation methods, because neither theory nor evidence justifies faith in the existence of a stable cointegrating vector. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w12746 |
| 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/570409 |
| 推荐引用方式 GB/T 7714 | Christopher D. Carroll,Misuzu Otsuka,Jirka Slacalek. How Large Is the Housing Wealth Effect? A New Approach. 2006. |
| 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 | ||
| w12746.pdf（247KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
