| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15075 |
| 来源ID | Working Paper 15075 |
| The (Mythical?) Housing Wealth Effect | |
| Charles Calomiris; Stanley D. Longhofer; William Miles | |
| 发表日期 | 2009-06-11 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Models used to guide policy, as well as some empirical studies, suggest that the effect of housing wealth on consumption is large and greater than the wealth effect on consumption from stock holdings. Recent theoretical work, in contrast, argues that changes in housing wealth are offset by changes in housing consumption, meaning that unexpected shocks in housing wealth should have little effect on non-housing consumption. We reexamine the impact of housing wealth on non-housing consumption, employing the Case-Quigley-Shiller data on U.S. housing wealth that have been used in prior studies to estimate a large housing wealth effect. Existing empirical work fails to control for the fact that changes in housing wealth may be correlated with changes in expected permanent income, biasing the resulting estimates. Once we control for the endogeneity bias resulting from the correlation between housing wealth and permanent income, we find that housing wealth has a small and insignificant effect on consumption. Additional analysis of time-series results provides further support for that view. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w15075 |
| 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/572751 |
| 推荐引用方式 GB/T 7714 | Charles Calomiris,Stanley D. Longhofer,William Miles. The (Mythical?) Housing Wealth Effect. 2009. |
| 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 | ||
| w15075.pdf（128KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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