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来源类型Working Paper
规范类型报告
DOI10.3386/w16848
来源IDWorking 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
URLhttps://www.nber.org/papers/w16848
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/574522
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Karl E. Case,John M. Quigley,Robert J. Shiller. Wealth Effects Revisited 1978-2009. 2011.
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