Housing Wealth and Consumption: A Micro Panel Study

Martin Browning; Mette Gørtz; Søren Leth-Petersen

doi:10.1111/ecoj.12017

Housing Wealth and Consumption: A Micro Panel Study

Martin Browning, Mette Gørtz, Søren Leth-Petersen

56 Citationer (Scopus)

Abstract

There is strong evidence that house prices and consumption are synchronised. There is, however, disagreement over the causes of this link. This study examines if there is a wealth effect of house prices on consumption. Using a household-level panel data set with information about house ownership, income, wealth and demographics for a large sample of the Danish population in the period 1987-96, we model the dependence of the growth rate of total household expenditure with unanticipated innovations to house prices. Controlling for factors related to competing explanations, we find little evidence of a housing wealth effect.

Originalsprog	Engelsk
Tidsskrift	Economic Journal
Vol/bind	123
Udgave nummer	568
Sider (fra-til)	401-428
Antal sider	27
ISSN	0013-0133
DOI	https://doi.org/10.1111/ecoj.12017
Status	Udgivet - maj 2013

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10.1111/ecoj.12017

Citationsformater

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abstract = "There is strong evidence that house prices and consumption are synchronised. There is, however, disagreement over the causes of this link. This study examines if there is a wealth effect of house prices on consumption. Using a household-level panel data set with information about house ownership, income, wealth and demographics for a large sample of the Danish population in the period 1987-96, we model the dependence of the growth rate of total household expenditure with unanticipated innovations to house prices. Controlling for factors related to competing explanations, we find little evidence of a housing wealth effect.",

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AB - There is strong evidence that house prices and consumption are synchronised. There is, however, disagreement over the causes of this link. This study examines if there is a wealth effect of house prices on consumption. Using a household-level panel data set with information about house ownership, income, wealth and demographics for a large sample of the Danish population in the period 1987-96, we model the dependence of the growth rate of total household expenditure with unanticipated innovations to house prices. Controlling for factors related to competing explanations, we find little evidence of a housing wealth effect.

U2 - 10.1111/ecoj.12017

DO - 10.1111/ecoj.12017

M3 - Journal article

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JO - Economic Journal

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IS - 568

ER -

Housing Wealth and Consumption: A Micro Panel Study

Abstract

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