Housing Wealth And Consumption
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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.
Housing Wealth And Consumption
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Author : Matteo Iacoviello
language : en
Publisher:
Release Date : 2011
Housing Wealth And Consumption written by Matteo Iacoviello and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Housing Wealth And Consumption
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Author : S. Borağan Aruoba
language : en
Publisher:
Release Date : 2022
Housing Wealth And Consumption written by S. Borağan Aruoba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Housing Wealth And Consumption Growth
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Author : Jie Gan
language : en
Publisher:
Release Date : 2007
Housing Wealth And Consumption Growth written by Jie Gan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
This paper uses a large panel dataset that tracks the housing wealth and spending behavior of 12,793 individuals in Hong Kong to study how housing wealth affects household consumption. Housing wealth is measured based on the repeated-sales price indices of nine districts in Hong Kong, which are estimated using government registry of all the 900,000 repeated housing transactions. Consumption is measured by credit card charges provided by the five largest credit card issuers in Hong Kong. These detailed data make it possible to identify consumption responses to housing wealth based on time-series variation within individual households (through household fixed effects). Further, rich variations across households help pin down the mechanism of the observed consumption sensitivity.I find a significant effect of housing wealth on consumption. Such an effect seems to be on account of a reduction in precautionary saving, as opposed to relaxation of borrowing constraints. In particular, consumption sensitivity exists even in the absence of refinancing and occurs only among less leveraged households and younger households who behave like quot;buffer stockquot; consumers (Gourinchas and Parker, 2002). Finally, consumption does not respond to predictable changes in housing wealth, which is inconsistent with liquidity constraints. The results highlight the importance of housing wealth in influencing consumption even in the absence of refinancing and relaxation of credit constraints.
How Do Housing Wealth Financial Wealth And Consumption Interact
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Author :
language : en
Publisher:
Release Date : 2008
How Do Housing Wealth Financial Wealth And Consumption Interact written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Consumption (Economics) categories.
Feeling Rich Feeling Poor Housing Wealth Effects And Consumption In Europe
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Author : Mr. Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-08
Feeling Rich Feeling Poor Housing Wealth Effects And Consumption In Europe written by Mr. Serhan Cevik 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 2023-12-08 with Business & Economics categories.
Households across Europe are struggling with a double crisis—the worst inflation shock since the World War II and a sudden correction in house prices. There is a rich literature on how housing price cycles affect consumer spending, finding mixed results with a wide range of consumption responses to changes in housing wealth. In this paper, using quarterly data on 20 countries in Europe over the period 1980–2023, we analyze the dynamic relationship between inflation-adjusted housing wealth and consumer spending and obtain statistically significant and economically intuitive results. Household consumption responds positively and swiftly to changes in real house prices and gross disposable income as expected. Using the estimated coefficients, we can deduce that the average quarter-on-quarter decline of -1.96 percent in real house prices in the first quarter of 2023 in Europe could dampen consumer spending by about -0.51 percentage points in real terms on a cumulative basis over a horizon of eight quarters.
Housing Wealth Financial Wealth And Consumption Expenditure
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Author : Hassan Gholipour Fereidouni
language : en
Publisher:
Release Date : 2017
Housing Wealth Financial Wealth And Consumption Expenditure written by Hassan Gholipour Fereidouni and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
The objective of this paper is to examine the role of consumer confidence on the relationship between two forms of wealth - housing and financial - and four categories of consumption expenditure. which include total consumption, service, durable goods and nondurable goods consumption. This paper uses U.S. quarterly data from 1978 to 2012 for its analysis. Applying the FMOLS estimation method, the results show that consumer confidence has a positive effect on the association between housing wealth and consumption expenditure, whereas its effect on the association between financial wealth and consumption expenditure is negative. The implications of these results are discussed.
The Effect Of Housing And Stock Market Wealth On Consumption In Emerging And Developed Countries
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Author : Amina Ahec Šonje
language : en
Publisher:
Release Date : 2015
The Effect Of Housing And Stock Market Wealth On Consumption In Emerging And Developed Countries written by Amina Ahec Šonje 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.
This study examines the long- and short-run relationship between private consumption, housing wealth, stock market wealth and income. In order to asses this relationship empirically, we use pooled mean group estimators of dynamic heterogeneous panel data on a sample of 30 developed and emerging economies. The sample countries are segmented into three separate panels: a developed bank-based panel, a developed market-based panel, and an emerging bank-based panel. Empirical estimates support the existence of long- and short-run stock market wealth effects in both groups of developed countries, with the effect being particularly strong in the developed market-based countries. A moderate long-run housing wealth effect is confirmed only for the developed bank-based countries, while a very strong short-run housing wealth effect is present in the developed market-based countries. As far as the emerging countries are concerned, the evidence is somewhat inconclusive, but it does seem to suggest that both wealth effects are effective in the long run, with housing wealth being more dominant.
Housing Wealth Stock Market Wealth And Consumption
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Author : Nikola Dvornak
language : en
Publisher:
Release Date : 2003
Housing Wealth Stock Market Wealth And Consumption written by Nikola Dvornak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Consumption (Economics) categories.
The Mythical Housing Wealth Effect
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Author : Charles W. Calomiris
language : en
Publisher:
Release Date : 2009
The Mythical Housing Wealth Effect written by Charles W. Calomiris and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Consumption (Economics) categories.
Models used to guide policy, as well as some empirical studies, suggest that the effect of housing wealth on consumption is large and greater than the wealth effect on consumption from stock holdings. Recent theoretical work, in contrast, argues that changes in housing wealth are offset by changes in housing consumption, meaning that unexpected shocks in housing wealth should have little effect on non-housing consumption. We reexamine the impact of housing wealth on non-housing consumption, employing the Case-Quigley-Shiller data on U.S. housing wealth that have been used in prior studies to estimate a large housing wealth effect. Existing empirical work fails to control for the fact that changes in housing wealth may be correlated with changes in expected permanent income, biasing the resulting estimates. Once we control for the endogeneity bias resulting from the correlation between housing wealth and permanent income, we find that housing wealth has a small and insignificant effect on consumption. Additional analysis of time-series results provides further support for that view.