Can the Consumption-Wealth Ratio Predict Housing Returns? Evidence from OECD Countries

被引：9

作者：

Caporale, Guglielmo Maria ^{[1
]}

Sousa, Ricardo M. ^{[2
,3
,4
]}

Wohar, Mark E. ^{[5
,6
]}

机构：

[1] Brunel Univ London, Dept Econ & Finance, London, England

[2] Univ Minho, Dept Econ, Braga, Portugal

[3] Univ Minho, Econ Policies Res Unit NIPE, Braga, Portugal

[4] London Sch Econ & Polit Sci, LSE Alumni Assoc, London, England

[5] Univ Nebraska, Coll Business Adm, Omaha, NE 68182 USA

[6] Loughborough Univ, Dept Econ, Loughborough, Leics, England

来源：

REAL ESTATE ECONOMICS | 2019年 / 47卷 / 04期

关键词：

REAL-ESTATE; MONETARY-POLICY; EQUITY PREMIUM; COLLATERAL CONSTRAINTS; FINANCIAL WEALTH; OPEN ECONOMIES; ASSET PRICE; STOCK; RISK; MARKET;

D O I：

10.1111/1540-6229.12135

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use a representative consumer model to analyze the relation between the transitory deviations of consumption from its common trend with aggregate wealth and labor income, cay, and the housing risk premium. The evidence based on data for 15 OECD countries shows that, if financial and housing assets are seen as complements, investors will temporarily allow consumption to rise when they expect a rise in future housing returns. By contrast, if housing assets are treated as substitutes for financial assets, consumption will be reduced.

引用

页码：935 / 976

页数：42

共 90 条

[1] CONSUMPTION, WEALTH, STOCK AND GOVERNMENT BOND RETURNS: INTERNATIONAL EVIDENCE [J].