House Prices, Wealth and Consumption: New Evidence from Australia and Canada

被引:17
|
作者
Atalay, Kadir [1 ]
Whelan, Stephen [1 ]
Yates, Judith [1 ]
机构
[1] Univ Sydney, Sydney, NSW 2006, Australia
基金
澳大利亚研究理事会;
关键词
collateral effects; common causality; household consumption; house prices; wealth effects; STOCK-MARKET WEALTH; EQUITY WITHDRAWAL; LIFE-CYCLE; MICRO DATA; PANEL; HOME; UK;
D O I
10.1111/roiw.12145
中图分类号
F [经济];
学科分类号
02 ;
摘要
Over the past two decades, a number of countries have experienced appreciation in house prices at the same time that aggregate consumption has increased. This paper tests alternative hypotheses for this phenomenon by using repeated household surveys from Australia and Canada to identify the transmission mechanism that links consumption and household wealth. The empirical analysis suggests that neither a direct wealth effect nor a common causal factor likely accounts for the observed correlation between wealth and consumption in these two countries. Rather, indirect factors such as collateral effects arising from relaxation of credit constraints are a more likely explanation.
引用
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页码:69 / 91
页数:23
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