Housing wealth, financial wealth, and consumption: New evidence from micro data

By Raphael W. Bostic, S. Gabriel, Gary D. Painter. 2009

425 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/a687d3cc421315e3b16e0602b566f8bec6554ed2

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Economics and Econometrics

In Finance

Citations in the corpus

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis (2011, neutral): “…to studies that estimate the effect of house price growth on consumption, refinancing, and borrowing behavior (Case, Quigley, and Shiller (2005), Bostic, Gabriel, and Painter (2009), Haurin and Rosenthal (2006) Hurst and Stafford (2004), Campbell and Cocco (2007), Greenspan and Kennedy (2007)).”
House Price Gains and U.S. Household Spending from 2002 to 2006 (2014, background): “…to borrow and spend out of Case, Quigley, and Shiller (2005 and 2013), Haurin and Rosenthal (2006), Campbell and Cocco (2007), Greenspan and Kennedy (2007), Bostic, Gabriel, and Painter (2009), Carroll, Otsuka, and Slacalek (2011), Guerrieri and Iacoviello (2013), and Zhou and Carroll (2012).”
House Price Fluctuations: The Role of Housing Wealth as Borrowing Collateral (2013, background): “In terms of external validity, the estimated MPCs out of housing wealth across all households of $0.02 to $0.06, depending on the specification, are in line with previous estimates in the literature, such as Juster et al. (2006), Lehnert (2004), and Bostic et al. (2009).”
Stock Market Returns and Consumption (2020, positive): “…Stock USA/CEX 1988-2001 -0.01* 0.004* Returns Dividends 0.75 0.23 Grant, Peltonen (2008) Equity Italy/SHIW 1989-2002 0.004 - Housing Wealth 0.08 - Bostic et al. (2009) Financial Wealth USA/FFA and CEX 1989-2001 - 0.02 Housing Wealth - 0.06 Paiella, Pistaferri (2015) Financial Wealth Italy/SHIW…”
How Large are Housing and Financial Wealth Effects? A New Approach (2011, background): “Additional microeconometric estimates of the wealth e ect are reported in Engelhardt (1996), Juster, Lupton, Smith, and Sta ord (2001), Lehnert (2003), Levin (1998) and Bostic, Gabriel, and Painter (2005).”
Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class (2016, positive): “…in areas with high rates of house price appreciation from 2002 to 2006, particularly through second liens and cash-out refinancing (consistent with Hurst and Stafford 2004; Lehnert 2004; Campbell and Cocco 2007; Bostic, Gabriel, and Painter 2009; Mian and Sufi 2011; Brown, Stein, and Zafar 2013).”
Sources and Uses of Equity Extracted from Homes (2007, background): “Over the years, empirical studies have found widely differing MPCs for housing and financial wealth.5 Among recent studies, Bostic, Gabriel, and Painter (2006) used micro- data to estimate the elasticity of consumption to both housing and financial wealth in the United States over the 1989-2001…”
House Prices and Economic Growth (2011, methodology): “Bostic et al. (2008) match homeowners in BLS Consumer Expenditure Survey data and Fed Survey of Consumer Finance data using income, and find that home values and equities affect consumption more significantly than financial wealth.”
Stock Market Wealth and the Real Economy: A Local Labor Market Approach (2019, methodology): “Our theoretical framework builds upon the model in Mian and Sufi (2014) by incor2See also Bostic et al. (2009) and Paiella and Pistaferri (2017) for similar analyses of stock wealth effects in different contexts. 3See also Case et al.(2005; 2011), Campbell and Cocco (2007), Mian and Sufi (2011), Car”
What Drives Personal Consumption? The Role of Housing and Financial Wealth (2009, positive): “3Two other recent micro studies by Bostic, Gabriel, and Painter (2005) on American data and”