Comparing Wealth Effects
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Comparing Wealth Effects
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Author : Karl E. Case
language : en
Publisher:
Release Date : 2001
Comparing Wealth Effects written by Karl E. Case and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Assets (Accounting). categories.
We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. 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 regressions relating consumption to income and wealth measures, finding a statistically significant and rather large effect of housing wealth upon household consumption
Analyzing The Effects Of Financial And Housing Wealth On Consumption Using Micro Data
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Author : Carlos Caceres
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-24
Analyzing The Effects Of Financial And Housing Wealth On Consumption Using Micro Data written by Carlos Caceres and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-24 with Business & Economics categories.
This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.
Wealth Effects Out Of Financial And Housing Wealth
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Author : Eva Sierminska
language : en
Publisher:
Release Date : 2009
Wealth Effects Out Of Financial And Housing Wealth written by Eva Sierminska and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
To explore the link between household consumption and wealth, we use a new source of harmonized microdata (Luxembourg Wealth Study). We investigate whether there are differences in wealth effects from different types of wealth and across age groups. We consider three countries: Canada, Italy and Finland. We find that the overall wealth effect from housing is stronger than the effect from financial wealth for the three countries in the sample. Additionally, in accordance with the life-cycle theory of consumption, we find the housing wealth effect to be significantly lower for younger households. We also find between-country differences in the wealth effect.
Shareholder Wealth Effects And Bank Mergers And The Financial System
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Author : Bert Scholtens
language : en
Publisher:
Release Date : 2001
Shareholder Wealth Effects And Bank Mergers And The Financial System written by Bert Scholtens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Wealth Effects Revisited 1978 2009
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Author : Karl E. Case
language : en
Publisher:
Release Date : 2011
Wealth Effects Revisited 1978 2009 written by Karl E. Case and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Economics categories.
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. In contrast to our previous analysis, however, we do find - based on data which include the recent volatility in asset markets - that the effects of declines in housing wealth in reducing consumption are at least as large as the effects of increases in housing wealth in increasing the course of household consumption.
Housing Wealth Effects
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Author : Adam M. Guren
language : en
Publisher:
Release Date : 2018
Housing Wealth Effects written by Adam M. Guren and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Consumer behavior categories.
We provide new, time-varying estimates of the housing wealth effect back to the 1980s. We exploit systematic differences in city-level exposure to regional house price cycles to instrument for house prices. Our main findings are that: 1) Large housing wealth effects are not new: we estimate substantial effects back to the mid 1980s; 2) Housing wealth effects were not particularly large in the 2000s; if anything, they were larger prior to 2000; and 3) There is no evidence of a boom-bust asymmetry. We compare these findings to the implications of a standard life-cycle model with borrowing constraints, uninsurable income risk, illiquid housing, and long-term mortgages. The model explains our empirical findings about the insensitivity of the housing wealth effects to changes in the loan-to-value (LTV) distribution, including the dramatic rise in LTVs in the Great Recession. The insensitivity arises in the model for two reasons. First, impatient low-LTV agents have a high elasticity. Second, a rightward shift in the LTV distribution increases not only the number of highly sensitive constrained agents but also the number of underwater agents whose consumption is insensitive to house prices.
The Wealth Effects Of Housing Assets
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Author : Seog Jun Song
language : en
Publisher:
Release Date : 2005
The Wealth Effects Of Housing Assets written by Seog Jun Song and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Consumption (Economics) categories.
Wealth Effects And The Consumption Of Leisure
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Author : Julia Lynn Coronado
language : en
Publisher:
Release Date : 2003
Wealth Effects And The Consumption Of Leisure written by Julia Lynn Coronado and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Retirement age categories.
Wealth S And Subjective Well Being
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Author : Gaël Brulé
language : en
Publisher: Springer
Release Date : 2019-06-24
Wealth S And Subjective Well Being written by Gaël Brulé and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-24 with Social Science categories.
This volume examines the impact of wealth on quality of life and subjective well-being (SWB). As wealth is related to economic, environmental and social features of societies, this volume serves as an important resource in understanding economic and SWB. It further discusses a variety of experiences and consequences of inequalities of wealth. Through the availability of wealth data in recent international surveys, this volume explores the multiple relations between wealth and SWB. Structured around four main pillars the book presents analysis of the topic at various levels such as theoretical and conceptual, methodological and empirically, ending with a section on distribution and policies.
Wealth Effects On Consumption Across The Wealth Distribution
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Author : Luc Arrondel
language : en
Publisher:
Release Date : 2015
Wealth Effects On Consumption Across The Wealth Distribution written by Luc Arrondel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.