| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17740 |
| 来源ID | Working Paper 17740 |
| The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares | |
| Charles W. Calomiris; Stanley D. Longhofer; William Miles | |
| 发表日期 | 2012-01-12 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Current estimates of housing wealth effects vary widely. We consider the role of omitted variables suggested by economic theory that have been absent in a number of prior studies. Our estimates take into account age composition and wealth distribution (using poverty rates as a proxy), as well as wealth shares (how much of total wealth is comprised of housing vs. stock wealth). We exploit cross-state variation in housing, stock wealth and other variables in a newly assembled panel data set and find that the impact of housing on consumer spending depends crucially on age composition, poverty rates, and the housing wealth share. In particular, young people who are more likely to be credit-constrained, and older homeowners, likely to be "trading down" on their housing stock, experience the largest housing wealth effects, as suggested by theory. Also, as suggested by theory, housing wealth effects are higher in state-years with higher housing wealth shares, and in state-years with higher poverty rates (likely reflecting the greater importance of credit constraints for those observations). Taking these various factors into account implies huge variation over time and across states in the size of housing wealth effects. |
| 主题 | Macroeconomics ; Consumption and Investment ; Labor Economics ; Demography and Aging |
| URL | https://www.nber.org/papers/w17740 |
| 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/575414 |
| 推荐引用方式 GB/T 7714 | Charles W. Calomiris,Stanley D. Longhofer,William Miles. The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares. 2012. |
| 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 | ||
| w17740.pdf（281KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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