Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment
Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment
复制标题
让房子成为家：购房对消费和投资的拉动作用
DOI：
10.3386/w23570
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Brian T. Melzer
中科院分区：
文献类型：
--
作者：
Efraim Benmelech;Adam M. Guren;Brian T. Melzer
我们引入并量化了住房市场影响家庭支出的一个新渠道：购房渠道。家庭在购买房屋后的两年内，平均在与家庭有关的耐用品和家庭装修上多花费8，000美元。非耐用品和与家庭无关的耐用品支出保持不变或略有下降。购房渠道在大衰退中发挥了重要作用，占2005年至2010年与家庭相关的耐用品和家庭装修支出下降的三分之一。
We introduce and quantify a new channel through which the housing market affects household spending: the home purchase channel. Households spend on average $8,000 more on home-related durables and home improvements in the 2 years following a home purchase. Expenditures on nondurables and durables unrelated to the home remain unchanged or decrease modestly. The home purchase channel played a substantial role in the Great Recession, accounting for one-third of the decline in spending on home-related durables and home improvements from 2005 to 2010.