Real Estate Versus Financial Wealth in Consumption

By John D. Benjamin, Peter T. Chinloy, G. D. Jud. 2004

229 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/f67a45c9ff02d0d8916ee94af99de280c0af4619

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Citations in the corpus

House Prices and Economic Growth (2011, methodology): “At the aggregate level, Benjamin et al. (2004), Case et al. (2005), Kishor (2007), Lettau and Ludvigson (2004), among others, find that housing wealth significantly correlates with consumption, and the correlation is stronger than the correlation between consumption and financial wealth. At the hous”
Sources and Uses of Equity Extracted from Homes (2007, methodology): “6 Among recent studies, Bostic et al. (2006) used micro-data to estimate the elasticity of consumption to both housing and financial wealth in the United States over the 1989–2001 period.”
Housing wealth, financial wealth, and consumption: New evidence from micro data (2009, unknown): “…different forms of wealth can elicit varying consumption responses (e.g., Iacoviello, 2004; Lettau and Ludvigson, 2004; Piazzesi et al., 2004, Case et al., 2005; Lustig and Van Nieuwerburgh, 2005) and empirical studies have generally borne this out (e.g., Case et al., 2005; Benjamin et al., 2004).”
A Dynamic Model of Housing Demand: Estimation and Policy Implications (2010, background): “Table 1: Utility Parameter Estimates Parameter (1) (2) (3) Consumption Share 0.”
CREDIT, HOUSING COLLATERAL, AND CONSUMPTION: EVIDENCE FROM JAPAN, THE U.K., AND THE U.S. (2012, background): “Likewise, the higher MPC of housing wealth (given more liberal mortgage credit) compared to that of illiquid financial wealth supports the findings of Benjamin et al. (2004), Case et al. (2005), and Carroll et al. (2011).”