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| Tekijä: | Disney, R. Gathergood, J. Henley, A. |
| Otsikko: | House price shocks, negative equity, and household consumption in the United Kingdom |
| Lehti: | Journal of the European Economic Association
2010 : VOL 8:6 p. 1179-1207 |
| Asiasana: | housing household economics |
| Vapaa asiasana: | renters owners capital gains |
| Kieli: | eng |
| Tiivistelmä: | This article explores the effect of unanticipated housing capital gains on consumption behavior using data from the British Household Panel Survey and country-level house price data. The article finds a marginal propensity to consume out of unanticipated shocks to housing wealth of 0,01 is found. Omitting the measure of financial expectations biases the result upward. Little evidence of heterogeneity in responses of young and old homeowners is found, but differences between owners and renters. Asymmetric behavior between house price rises and falls is also found, and a disproportionate impact on saving if the household had negative housing equity at the start of the period. |
SCIMA