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Persistent link: https://www.econbiz.de/10011451921
"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...
Persistent link: https://www.econbiz.de/10009490142
This paper analyzes the existence of 'wealth effects' derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in...
Persistent link: https://www.econbiz.de/10012022025
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive changes in consumption. However, this might constitute...
Persistent link: https://www.econbiz.de/10010337472
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive changes in consumption. However, this might be a...
Persistent link: https://www.econbiz.de/10009772970
Persistent link: https://www.econbiz.de/10012664999
During the period from 1990 to 2002, U.S. households experienced a dramatic wealth cycle, induced by a 369-percent appreciation in the value of real per capita liquid stock-market assets, followed by a 55-percent decline. However, despite predictions at the time by some analysts relying on...
Persistent link: https://www.econbiz.de/10003715538
Persistent link: https://www.econbiz.de/10010420108
Persistent link: https://www.econbiz.de/10011538114
England has very volatile house prices. We use pseudo-panel data spanning multiple house-price cycles over nearly forty years, to assess the extent to which house prices affect access to home ownership by age thirty, and whether differences in ownership rates persist. We find that ownership...
Persistent link: https://www.econbiz.de/10011734502