Housing Wealth Effects: Evidence from an Australian Panel

被引：23

作者：

Windsor, Callan ^{[1
]}

Jaeaeskelae, Jarkko P. ^{[1
]}

Finlay, Richard ^{[1
,2
]}

机构：

[1] Reserve Bank Australia, Sydney, NSW, Australia

[2] Univ New S Wales, Sydney, NSW 2052, Australia

来源：

ECONOMICA | 2015年 / 82卷 / 327期

关键词：

PRICES AFFECT CONSUMPTION; CREDIT; UK;

D O I：

10.1111/ecca.12137

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore the positive relationship between house prices and household spending by following a panel of Australian households. No evidence for traditional housing wealth effects' is found, with young homeowners exhibiting the largest wealth effects. Young renters also exhibit a positive consumption response to house prices, although less so than young homeowners. This suggests that increasing house prices raise spending via easing credit constraints and a common association between house prices and a third factor. Results from a cohort-level panel are similar to those using household-level data, suggesting that pseudo-panels' may be used as a partial substitute for actual panels.

引用

页码：552 / 577

页数：26

共 23 条

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