The Effect of Housing Wealth Losses on Spending in the Great Recession.
The Effect of Housing Wealth Losses on Spending in the Great Recession.
复制标题
大衰退中住房财富损失对支出的影响。
DOI：
10.1111/ecin.12753
复制
发表时间：
2019
期刊：
影响因子：
1.8
通讯作者：
Rohwedder,Susann
中科院分区：
文献类型：
--
作者：
Angrisani,Marco;Hurd,MichelD;Rohwedder,Susann
我们使用关于家庭支出和资产的完整清单的面板数据来估计支出对大衰退中发生的房屋价值急剧下降的反应。我们的研究补充了现有的文献在这一主题上完全依赖于纵向微观数据的家庭财富和支出。我们的数据涵盖了2002-2012年期间，使我们能够将支出趋势与应对意外财富变化的创新分开。我们发现，在美国老年家庭中，住房财富意外变化的边际消费倾向是每美元6美分。（JELD 12，D14，E21）
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. (JELD12, D14, E21)