THE EFFECT OF HOUSING WEALTH LOSSES ON SPENDING IN THE GREAT RECESSION

被引：8

作者：

Angrisani, Marco ^{[1
]}

Hurd, Michael ^{[2
]}

Rohwedder, Susann ^{[2
]}

机构：

[1] Univ Southern Calif, Ctr Econ & Social Res, Los Angeles, CA 90089 USA

[2] RAND, Santa Monica, CA 90401 USA

来源：

ECONOMIC INQUIRY | 2019年 / 57卷 / 02期

关键词：

HOUSEHOLD CONSUMPTION; PRICES; EQUITY; CRISIS;

D O I：

10.1111/ecin.12753

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We use panel data on a complete inventory of household spending and assets to estimate the spending response to the sharp and largely unexpected declines in house values that occurred in the Great Recession. Our study complements the existing literature on this topic by relying exclusively on longitudinal micro data on both household wealth and expenditure. Our data span the period 2002-2012, allowing us to separate trends in spending from innovations in response to unexpected wealth changes. We find the marginal propensity to consume out of an unexpected housing wealth change to be 6 cents per dollar among older American households.

引用

页码：972 / 996

页数：25

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