| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14453 |
| DP14453 Heterogeneous Wealth Effects | |
| Dimitris Christelis; Dimitris Georgarakos; Luigi Pistaferri; Maarten Van Rooij | |
| 发表日期 | 2020-02-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We measure wealth effects on consumption using a novel research design: responses to direct survey questions asking how much a household would change consumption in response to unexpected (positive and negative) shocks to own home value. The average wealth effect is in the 2-5% range, in line with econometric estimates that associate changes in housing wealth with consumption realizations. However, our analysis uncovers significant heterogeneity. Extensive margin responses are limited: more than 90% of the sample reports no consumption adjustment to wealth shocks. On the other hand, conditioning on adjusting, intensive margin responses are substantial. Finally, the consumption response to positive wealth shocks is greater than the response to negative shocks. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Wealth effect Housing Heterogeneity |
| URL | https://cepr.org/publications/dp14453 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543352 |
| 推荐引用方式 GB/T 7714 | Dimitris Christelis,Dimitris Georgarakos,Luigi Pistaferri,et al. DP14453 Heterogeneous Wealth Effects. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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