Housing Wealth and Consumption

International Encyclopedia of Housing and Home

Volumn , Issue , 2011, Pages 673-678

  Iacoviello, M ^a  

^a FEDERAL RESERVE BOARD   (United States)

Author keywords

Borrowing constraints; Consumption; Consumption function; Household budget constraint; Housing tenure; Housing wealth; Housing wealth effect; Utility maximization

Indexed keywords

EID: 85147053640     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1016/B978-0-08-047163-1.00129-6     Document Type: Chapter

References (13)

1. F. Brayton and P. Tinsley (1996) A guide to FRB/US: A macroeconomic model of the United States. Finance and Economics Discussion Series 96-42 Board of Governors of the Federal Reserve System (US) October
2. Buiter WH (2008) Housing wealth isn’t wealth. CEPR Discussion Papers 6920. CEPR Discussion Papers. July.
3. J.Y. Campbell and J.F. Cocco (2007) How do house prices affect consumption? Evidence from micro data. Journal of Monetary Economics 54(3), 591-621.
4. Carroll CD, Otsuka M, and Slacalek J (2006) How large is the housing wealth effect? A new approach. NBER Working Papers 12746. National Bureau of Economic Research, Inc. December.
5. K.E. Case, J.M. Quigley and R.J. Shiller (2005) Comparing wealth effects: The stock market versus the housing market. Advances in Macroeconomics 5(1), 1235.
6. Case KE, Quigley JM, and Shiller RJ (2011) Wealth effects revisited 1978-2009. NBER Working Papers 16848. National Bureau of Economic Research, Inc. March.
7. M. Iacoviello and S. Neri (2010) Housing market spillovers: Evidence from an estimated DSGE model. American Economic Journal: Macroeconomics 2(2), 125-164.
8. Mian AR and Sufi A (2009) House prices, home equity-based borrowing, and the US household leverage crisis. NBER Working Papers 15283. National Bureau of Economic Research, Inc. August.
9. J. Muellbauer and A. Murphy (2008) Housing markets and the economy: The assessment. Oxford Review of Economic Policy 24(1), 1-33.
10. J.M. Poterba (2000) Stock market wealth and consumption. Journal of Economic Perspectives 14(2), 99-118.
11. M.A. Davis and J. Heathcote (2007) The price and quantity of residential land in the United States. Journal of Monetary Economics 54(8), 2595-2620.
12. M.A. Davis and M.G. Palumbo (2001) A primer on the economics and time series econometrics of wealth effects. Finance and Economics Discussion Series 2001-09 Board of Governors of the Federal Reserve System (US)
13. M. Iacoviello (2005) House prices, borrowing constraints, and monetary policy in the business cycle. American Economic Review 95(3), 739-764.