| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23570 |
| 来源ID | Working Paper 23570 |
| Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment | |
| Efraim Benmelech; Adam Guren; Brian T. Melzer | |
| 发表日期 | 2017-07-17 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We introduce and quantify a new channel through which the housing market affects household spending: the home purchase channel. Using an event-study design with data from the Consumer Expenditure Survey, we show that households spend on average $3,700 more in the months before and the first year following a home purchase. This spending is concentrated in the home-related durables and home improvements sectors, which are complementary to the purchase of the house. Expenditures on nondurables and durables unrelated to the home remain unchanged or decrease modestly. We estimate that the home purchase channel played a substantial role in the Great Recession, accounting for one-third of the decline in home-related durables spending and a fifth of the decline in home maintenance and investment spending from 2005 to 2010, together totaling $14.3 billion annually. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Financial Economics ; Portfolio Selection and Asset Pricing ; Regional and Urban Economics ; Regional Economics |
| URL | https://www.nber.org/papers/w23570 |
| 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/581244 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Adam Guren,Brian T. Melzer. Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment. 2017. |
| 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 | ||
| w23570.pdf（636KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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