How do house prices affect consumption?: evidence from micro data
"Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11534 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by relaxing borrowing constraints. This paper investigates the response of household consumption to house prices using UK micro data. We estimate the largest effect of house prices on consumption for older homeowners, and the smallest effect, insignificantly different from zero, for younger renters. This finding is consistent with heterogeneity in the wealth effect across these groups. In addition, we find that regional house prices affect regional consumption growth. Predictable changes in house prices are correlated with predictable changes in consumption, particularly for households that are more likely to be borrowing constrained, but this effect is driven by national rather than regional house prices and is important for renters as well as homeowners, suggesting that UK house prices are correlated with aggregate financial market conditions"--National Bureau of Economic Research web site. |
| Beschreibung: | 43, [31] S. graph. Darst. |
Internformat
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Datensatz im Suchindex
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| index_date | 2024-07-02T13:45:08Z |
| indexdate | 2024-07-09T20:34:24Z |
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| physical | 43, [31] S. graph. Darst. |
| publishDate | 2005 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Campbell, John Y. 1958- Verfasser (DE-588)124799906 aut How do house prices affect consumption? evidence from micro data John Y. Campbell ; João F. Cocco Cambridge, Mass. National Bureau of Economic Research 2005 43, [31] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11534 "Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by relaxing borrowing constraints. This paper investigates the response of household consumption to house prices using UK micro data. We estimate the largest effect of house prices on consumption for older homeowners, and the smallest effect, insignificantly different from zero, for younger renters. This finding is consistent with heterogeneity in the wealth effect across these groups. In addition, we find that regional house prices affect regional consumption growth. Predictable changes in house prices are correlated with predictable changes in consumption, particularly for households that are more likely to be borrowing constrained, but this effect is driven by national rather than regional house prices and is important for renters as well as homeowners, suggesting that UK house prices are correlated with aggregate financial market conditions"--National Bureau of Economic Research web site. Consumption (Economics) Great Britain Housing Prices Great Britain Großbritannien Cocco, João F. Verfasser (DE-588)128635894 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11534 (DE-604)BV002801238 11534 http://papers.nber.org/papers/w11534.pdf kostenfrei Volltext |
| spellingShingle | Campbell, John Y. 1958- Cocco, João F. How do house prices affect consumption? evidence from micro data National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Consumption (Economics) Great Britain Housing Prices Great Britain |
| title | How do house prices affect consumption? evidence from micro data |
| title_auth | How do house prices affect consumption? evidence from micro data |
| title_exact_search | How do house prices affect consumption? evidence from micro data |
| title_exact_search_txtP | How do house prices affect consumption? evidence from micro data |
| title_full | How do house prices affect consumption? evidence from micro data John Y. Campbell ; João F. Cocco |
| title_fullStr | How do house prices affect consumption? evidence from micro data John Y. Campbell ; João F. Cocco |
| title_full_unstemmed | How do house prices affect consumption? evidence from micro data John Y. Campbell ; João F. Cocco |
| title_short | How do house prices affect consumption? |
| title_sort | how do house prices affect consumption evidence from micro data |
| title_sub | evidence from micro data |
| topic | Consumption (Economics) Great Britain Housing Prices Great Britain |
| topic_facet | Consumption (Economics) Great Britain Housing Prices Great Britain Großbritannien |
| url | http://papers.nber.org/papers/w11534.pdf |
| volume_link | (DE-604)BV002801238 |
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