| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16848 |
| 来源ID | Working Paper 16848 |
| Wealth Effects Revisited 1978-2009 | |
| Karl E. Case; John M. Quigley; Robert J. Shiller | |
| 发表日期 | 2011-03-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We re-examine the link between changes in housing wealth, financial wealth, and consumer spending. We extend a panel of U.S. states observed quarterly during the seventeen-year period, 1982 through 1999, to the thirty-one year period, 1978 through 2009. Using techniques reported previously, we impute the aggregate value of owner-occupied housing, the value of financial assets, and measures of aggregate consumption for each of the geographic units over time. We estimate regression models in levels, first differences and in error-correction form, relating per capita consumption to per capita income and wealth. We find a statistically significant and rather large effect of housing wealth upon household consumption. This effect is consistently larger than the effect of stock market wealth upon consumption. This reinforces the conclusions reported in our previous analysis. |
| 主题 | Macroeconomics ; Financial Economics ; Financial Markets ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w16848 |
| 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/574522 |
| 推荐引用方式 GB/T 7714 | Karl E. Case,John M. Quigley,Robert J. Shiller. Wealth Effects Revisited 1978-2009. 2011. |
| 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 | ||
| w16848.pdf（244KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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