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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/10012460918

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. We exploit systematic differences in city-level exposure to regional house price cycles to instrument for house prices. Our main findings are that: 1) Large housing wealth effects are not new: we estimate...

Persistent link: https://www.econbiz.de/10012452991

Home Ownership and Real House Prices : Sources of Change, 1965-85

Hendershott, Patric H. - 1987

Two phenomena characterized the housing market in the 1970s: a somewhat-disguised surge toward home ownership and a well-publicized sharp increase in the real price of housing. These movements were partially reversed in the first half of the 1980s. In the "standard view", the 1970s changes are...

Persistent link: https://www.econbiz.de/10012476823

Wealth Effects Revisited : 1975-2012

Case, Karl E. - 2013

In our earlier version of this paper we found that households increase their spending when house prices rise, but we found no significant decrease in consumption when house prices fall. The results presented here with the extended data now show that declines in house prices stimulate large and...

Persistent link: https://www.econbiz.de/10012459961

Wealth Effects Revisited 1978-2009

Case, Karl E. - 2011

In contrast to our previous analysis, however, we do find - based on data which include the recent volatility in asset markets - that the effects of declines in housing wealth in reducing consumption are at least as large as the effects of increases in housing wealth in increasing the course of...

Persistent link: https://www.econbiz.de/10012461810

Comparing Wealth Effects : The Stock Market Versus the Housing Market

Case, Karl E. - 2001

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/10012470110

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/10012461955

Household Formation and Home Ownership : The Impacts of Demographics andTaxes

Hendershott, Patric H. - 1987

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/10012476693

Inflation and the Benefits from Owner-Occupied Housing

Hendershott, Patric H. - 1979

This paper examines the effects of inflation on the allocation of resources between residential and nonresidential uses and the productivity of capital in the U.S. We begin by calculating the realized rates of return on homeowner equity and the contributions of fixed-rate mortgages and...

Persistent link: https://www.econbiz.de/10012478765

The Geography of Opportunity after the Civil War : Black and White Americans' Intra- and Intergenerational Mobility into Property Ownership

Collins, William J.; Holtkamp, Nicholas C. - National Bureau of Economic Research - 2025

We shed new light on historical black-white disparities in wealth and economic mobility by examining datasets of linked census records. First, we compare black and white men's intra- and inter-generational mobility into property ownership between 1870, the first census taken after the Civil War,...

Persistent link: https://www.econbiz.de/10015409891