| Record ID | marc_loc_2016/BooksAll.2016.part33.utf8:73838540:2444 |
| Source | Library of Congress |
| Download Link | /show-records/marc_loc_2016/BooksAll.2016.part33.utf8:73838540:2444?format=raw |
LEADER: 02444cam a22003257a 4500
001 2005618537
003 DLC
005 20050824100931.0
007 cr |||||||||||
008 050824s2005 mau sb 000 0 eng
010 $a 2005618537
040 $aDLC$cDLC
043 $ae-uk---
050 00 $aHB1
100 1 $aCampbell, John Y.
245 10 $aHow do house prices affect consumption?$h[electronic resource]$bevidence from micro data /$cJohn Y. Campbell, João F. Cocco.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2005.
490 1 $aNBER working paper series ;$vworking paper 11534
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 8/24/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Housing is a major component of wealth. Since house prices fluctuate considerably over time, it is important to understand how these fluctuations affect households' consumption decisions. Rising house prices may stimulate consumption by increasing households' perceived wealth, or by relaxing borrowing constraints. This paper investigates the response of household consumption to house prices using UK micro data. We estimate the largest effect of house prices on consumption for older homeowners, and the smallest effect, insignificantly different from zero, for younger renters. This finding is consistent with heterogeneity in the wealth effect across these groups. In addition, we find that regional house prices affect regional consumption growth. Predictable changes in house prices are correlated with predictable changes in consumption, particularly for households that are more likely to be borrowing constrained, but this effect is driven by national rather than regional house prices and is important for renters as well as homeowners, suggesting that UK house prices are correlated with aggregate financial market conditions"--National Bureau of Economic Research web site.
650 0 $aHousing$xPrices$zGreat Britain.
650 0 $aConsumption (Economics)$zGreat Britain.
710 2 $aNational Bureau of Economic Research.
700 1 $aCocco, João F.$q(João Francisco)
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 11534.
856 40 $uhttp://papers.nber.org/papers/w11534