| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w14204
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| 来源ID | Working Paper 14204
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| Housing Wealth Isn't Wealth |
| Willem H. Buiter
|
| 发表日期 | 2008-07-29
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| 出版年 | 2008
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| 语种 | 英语
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| 摘要 | A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing services) to those short housing. In a representative agent model and in the Yaari-Blanchard OLG model used in the paper, there is no pure wealth effect on consumption from a change in house prices if this represents a change in fundamental value. There is a pure wealth effect on consumption from a change in house prices if this reflects a change in the speculative bubble component of house prices. Two other channels through which house prices can affect aggregate consumption are (1) redistribution effects if the marginal propensity to spend out of wealth differs between those long housing and those short housing and (2) collateral or credit effects due to the collateralisability of housing wealth and the non-collateralisability of human wealth. A decline in house prices reduces the scope for mortgage equity withdrawal. For given sequences of future after-tax labour income and interest rates, this may depress consumption in the short run while boosting it in the long run. |
| 主题 | Macroeconomics
; Consumption and Investment
; Business Cycles
; Financial Economics
; Financial Markets
|
| URL | https://www.nber.org/papers/w14204
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571878
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推荐引用方式
GB/T 7714 |
Willem H. Buiter. Housing Wealth Isn't Wealth. 2008.
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文件名：
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w14204.pdf
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格式：
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Adobe PDF
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