Housing Wealth and Consumption: A Micro Panel Study

被引：91

作者：

Browning, Martin ^{[2
]}

Gortz, Mette ^{[3
]}

Leth-Petersen, Soren ^{[1
,3
,4
]}

机构：

[1] Univ Copenhagen, Dept Econ, Oster Farimagsgade 5,Bldg 26, DK-1353 Copenhagen, Denmark

[2] Univ Oxford, Oxford OX1 2JD, England

[3] Univ Copenhagen, DK-1353 Copenhagen, Denmark

[4] Danish Natl Ctr Social Res SFI, Copenhagen, Denmark

来源：

ECONOMIC JOURNAL | 2013年 / 123卷 / 568期

关键词：

PRICES; CONSTRAINTS;

D O I：

10.1111/ecoj.12017

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

There is strong evidence that house prices and consumption are synchronised. There is, however, disagreement over the causes of this link. This study examines if there is a wealth effect of house prices on consumption. Using a household-level panel data set with information about house ownership, income, wealth and demographics for a large sample of the Danish population in the period 198796, we model the dependence of the growth rate of total household expenditure with unanticipated innovations to house prices. Controlling for factors related to competing explanations, we find little evidence of a housing wealth effect.

引用

页码：401 / 428

页数：28

共 27 条

[1] EFFICIENT ESTIMATION OF MODELS FOR DYNAMIC PANEL-DATA [J].