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Housing Wealth and Aggregate Consumption in Sweden
Chen, Jie - Nationalekonomiska Institutionen, Uppsala Universitet - 2006
This paper extends the VECM cointegration model and PT (permanent-transitory) variance decomposition framework proposed … statistical evidences that the movements of aggregate consumption, disposable income, housing wealth and financial wealth are tied … consumer spending. Meanwhile, it is shown that the strength of the linkage between consumption and housing wealth is not …
Persistent link: https://www.econbiz.de/10005642469
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The housing wealth effect : quasi-experimental evidence
Kessel, Dany; Tyrefors, Björn; Vestman, Roine - 2018
We exploit a quasi-experiment that occurred in Stockholm in 2007 to provide new evidence on the magnitude of the housing wealth e.ect. Stockholm's smaller city airport was expected to close in 2011 but its operating contract was unexpectedly renewed after political negotiation behind closed...
Persistent link: https://www.econbiz.de/10011948340
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The housing wealth effect : quasi-experimental evidence
Kessel, Dany; Tyrefors, Björn; Vestman, Roine - 2019
We exploit a quasi-experiment to provide new evidence on the magnitude of the housing wealth effect. We estimate an immediate shock of approximately -15% to house prices close to one of Stockholm's airports after its operations were unexpectedly continued as a result of political bargaining....
Persistent link: https://www.econbiz.de/10011967367
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House Prices, Money, Credit and the Macroeconomy
Goodhart, Charles; Hofmann, Boris - 2021
This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...
Persistent link: https://www.econbiz.de/10013316547
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Wealth Effects in Emerging Economies
Ciarlone, Alessio - 2012
– on private consumption for a panel of sixteen emerging economies in Asia and Central and Eastern Europe. Using recent … consumption positively in the long-run, with the elasticity of housing wealth being greater than that of stock market wealth. When …
Persistent link: https://www.econbiz.de/10013110053
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Chapter 12. Housing, Finance, and the Macroeconomy
Davis, Morris A.; Van Nieuwerburgh, Stijn - In: Handbook of regional and urban economics : volume 5, (pp. 753-811). 2015
In this chapter, we review and discuss the large body of research that has developed over the past 10-plus years that explores the interconnection of macroeconomics, finance, and housing. We focus on three major topics—housing and the business cycle, housing and portfolio choice, and housing...
Persistent link: https://www.econbiz.de/10014025303
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The housing wealth effect on consumption reconsidered
Lindner, Fabian - 2014
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might constitute a fallacy of composition. Such models ignore that changes in housing … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …
Persistent link: https://www.econbiz.de/10010337472
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The housing wealth effect on consumption reconsidered
Lindner, Fabian - 2013
Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might be a fallacy of composition. Such models ignore that changes in housing wealth … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …
Persistent link: https://www.econbiz.de/10009772970
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The dynamics of household final consumption : the role of wealth channel
Alp, Esra; Seven, Ünal - In: Central Bank review / Central Bank of the Republic of Turkey 19 (2019) 1, pp. 21-32
Exploring dynamics of household final consumption is an important concern for policy-makers. Turkey had witnessed … various financial shocks and crises over the last two decades. These turbulent economic periods affected consumption behaviour … and therefore, other macroeconomic variables. In this paper, we examine the linkage between household final consumption …
Persistent link: https://www.econbiz.de/10012000880
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Wealth effects on household final consumption : stock and housing market channels
Coskun, Yener; Sencer Atasoy, Burak; Morri, Giacomo; … - In: International Journal of Financial Studies : open … 6 (2018) 2, pp. 1-32
household final consumption for 11 advanced countries over the period from 1970 Q1 to 2015 Q4. As a modelling strategy, we …-panel and country-level analyses. In this respect, we find that consumption is mostly explained by income and housing wealth is … positively and significantly correlated with consumption. As counter-intuitive evidence, we detect a negative linkage between …
Persistent link: https://www.econbiz.de/10011883248