Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment

被引：9

作者：

Benmelech, Efraim ^{[1
,2
]}

Guren, Adam ^{[2
,3
]}

Melzer, Brian T. ^{[4
]}

机构：

[1] Northwestern Univ, Kellogg Sch Management, Evanston, IL 60208 USA

[2] NBER, Cambridge, MA 02138 USA

[3] Boston Univ, Boston, MA 02215 USA

[4] Dartmouth Coll, Tuck Sch Business, Hanover, NH 03755 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2022年 / 36卷 / 01期

关键词：

D12; E21; E22; G50; R21; PRICES; WEALTH; EQUITY;

D O I：

10.1093/rfs/hhac041

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We introduce and quantify a new channel through which the housing market affects household spending: the home purchase channel. Households spend on average $8,000 more on home-related durables and home improvements in the 2 years following a home purchase. Expenditures on nondurables and durables unrelated to the home remain unchanged or decrease modestly. The home purchase channel played a substantial role in the Great Recession, accounting for one-third of the decline in spending on home-related durables and home improvements from 2005 to 2010.

引用

页码：122 / 154

页数：33

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