Real estate versus financial wealth in consumption

被引：223

作者：

Benjamin, JD

Chinloy, P

Jud, GD

机构：

[1] American Univ, Kogod Sch Business, Dept Finance & Real Estate, Washington, DC 20016 USA

[2] Univ N Carolina, Sch Business, Dept Finance, Greensboro, NC 27412 USA

来源：

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 2004年 / 29卷 / 03期

关键词：

consumption; savings; marginal propensity to consume; financial assets; real estate assets;

D O I：

10.1023/B:REAL.0000036677.42950.98

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The consumption function for the U.S. economy is estimated with real estate and financial wealth for quarterly data for 1952:1-2001:4. An additional dollar of real estate wealth increases consumption by 8 cents in the current year, as compared with only 2 cents for financial wealth. The results are consistent with theoretical bounds on the marginal propensity to consume from aggregate wealth. The decline in the stock market during 2000-2001 had a limited impact on aggregate demand in part because of an offsetting real estate wealth effect.

引用

页码：341 / 354

页数：14

共 25 条

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