HOUSE PRICE FLUCTUATIONS: THE ROLE OF HOUSING WEALTH AS BORROWING COLLATERAL
HOUSE PRICE FLUCTUATIONS: THE ROLE OF HOUSING WEALTH AS BORROWING COLLATERAL
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DOI：
10.1162/rest_a_00323
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发表时间：
2013-10-01
影响因子：
8
通讯作者：
Cooper, Daniel
中科院分区：
文献类型：
--
作者：
Cooper, Daniel
房价上涨通过放松家庭终生预算约束（纯财富效应）或家庭借贷约束来影响家庭支出，从而使消费向消费欧拉方程所暗示的水平上升（借贷连带效应）。本文的实证结果与房价升值通过借贷抵押渠道而非纯粹的财富效应渠道影响居民消费的观点一致。潜在借贷受限家庭的住房资产每增加1美元，其消费增加0.06至0.18美元，而不受限制家庭的消费几乎没有变化。
Rising house prices affect household spending by either loosening a household's lifetime budget constraint (pure wealth effect) or the household's borrowing constraint so that consumption rises toward the level implied by the consumption Euler equation (borrowing collateral effect). The empirical findings in this paper are consistent with house price appreciation affecting household spending through the borrowing collateral channel and not the pure wealth effect channel. The consumption of potentially borrowing constrained households increases between $0.06 and $0.18 per dollar increase in their housing equity, while the consumption of unconstrained households is little changed.