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Comparing Wealth Effects: The Stock Market Versus the Housing Market / Karl E. Case, Robert J. Shiller, John M. Quigley.
- Format:
- Book
- Author/Creator:
- Case, Karl E.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8606.
- NBER working paper series no. w8606
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Comparing Wealth Effects
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2001.
- Summary:
- We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate value of owner-occupied housing, the value of financial assets, and measures of aggregate consumption for each of the geographic units over time. We estimate regressions relating consumption to income and wealth measures, finding a statistically significant and rather large effect of housing wealth upon household consumption.
- Notes:
- Print version record
- November 2001.
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