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The Housing Wealth Effect : The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares

Calomiris, Charles W. - 2012

Current estimates of housing wealth effects vary widely. We consider the role of omitted variables suggested by economic theory that have been absent in a number of prior studies. Our estimates take into account age composition and wealth distribution (using poverty rates as a proxy), as well as...

Persistent link: https://www.econbiz.de/10013112421

Housing Wealth Effects : The Long View

Guren, Adam M. - 2018

We provide new time-varying estimates of the housing wealth effect back to the 1980s. These estimates are based on a new identification strategy that exploits systematic differences in city-level exposure to regional house price cycles as an instrument for house prices. Our estimates of housing...

Persistent link: https://www.econbiz.de/10012916597

Wealth Effects Revisited : 1975-2012

Case, Karl E. - 2013

We re-examine the links 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-seven year period, 1975 through 2012Q2. Using techniques reported previously,...

Persistent link: https://www.econbiz.de/10013088693

Wealth Effects Revisited 1978-2009

Case, Karl E. - 2011

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...

Persistent link: https://www.econbiz.de/10013128900

Comparing Wealth Effects : The Stock Market Versus the Housing Market

Case, Karl E.; Shiller, Robert J.; Quigley, John M. - 2021

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...

Persistent link: https://www.econbiz.de/10013220388

Household Formation and Home Ownership : the Impacts of Demographics Andtaxes

Hendershott, Patric H. - 2010

This paper summarizes the impact of economic, social and demographic variables on household formations and home ownership in the 1960-85 period and uses this knowledge to forecast household formations, and their split between owners and renters, through the year 2000. High and low growth...

Persistent link: https://www.econbiz.de/10012760280

White Suburbanization and African-American Home Ownership, 1940-1980

Boustan, Leah Platt - 2011

Between 1940 and 1980, the homeownership rate among metropolitan African-American households increased by 27 percentage … points. Nearly three-quarters of this increase occurred in central cities. We show that rising black homeownership in central … homeownership over the period is explained by white suburbanization …

Persistent link: https://www.econbiz.de/10013131306

Housing Wealth Isn't Wealth

Buiter, Willem H. - 2010

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing services) to those short housing. In a representative...

Persistent link: https://www.econbiz.de/10012758559

House Prices, Local Demand, and Retail Prices

Stroebel, Johannes - 2014

, particularly in high homeownership locations, because greater housing wealth reduces homeowners' demand elasticity, and firms raise …

Persistent link: https://www.econbiz.de/10013043281

The Economics Approach to Cities

Glaeser, Edward L. - 2021

The economic approach to cities relies on a spatial equilibrium for workers, employers and builders. The worker's equilibrium implies that positive attributes in one location, like access to downtown or high wages, are offset by negative attributes, like high housing prices. The employer's...

Persistent link: https://www.econbiz.de/10013225036