Booms and Busts: Consumption, House Prices and Expectations
Over much of the past 25 years, house price and consumption growth have been closely synchronized. Three main hypotheses for this have been proposed: increases in house prices raise household wealth and so their consumption; house price growth reduces credit constraints by increasing the collateral...
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| Veröffentlicht in: | Economica (London) 2009-02, Vol.76 (301), p.20-50 |
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| container_title | Economica (London) |
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| creator | ATTANASIO, ORAZIO P. BLOW, LAURA HAMILTON, ROBERT LEICESTER, ANDREW |
| description | Over much of the past 25 years, house price and consumption growth have been closely synchronized. Three main hypotheses for this have been proposed: increases in house prices raise household wealth and so their consumption; house price growth reduces credit constraints by increasing the collateral available to homeowners; and house prices and consumption are together influenced by common factors. Using microeconomic data, we find that the relationship between house prices and consumption is stronger for younger than older households, contradicting the wealth channel. We suggest that common causality has been the most important factor linking house prices and consumption. |
| doi_str_mv | 10.1111/j.1468-0335.2008.00708.x |
| format | Article |
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| ispartof | Economica (London), 2009-02, Vol.76 (301), p.20-50 |
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| language | eng |
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| source | PAIS Index; EBSCOhost Business Source Complete; Access via Wiley Online Library; JSTOR Archive Collection A-Z Listing |
| subjects | Age groups Consumer economics Consumer information Consumer prices Consumer spending Consumption Consumption patterns Correlation analysis Credit Economic analysis Economic booms Economic busts Economic conditions Economic theory Expectations Home ownership Household consumption Household economics Housing Housing prices Microeconomics Prices Real estate market Studies Wealth |
| title | Booms and Busts: Consumption, House Prices and Expectations |
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