House Price Shocks, Negative Equity, And Household Consumption In The United Kingdom4
利用英国家庭面板调查数据，研究发现住房财富意外冲击的边际消费倾向为0.01，且房价上涨与下跌对消费的影响不对称，初始负资产家庭储蓄受冲击更大。
We examine the impact of unanticipated housing capital gains on consumption behavior using data from the British Household Panel Survey and county-level house price data. We condition the models on household financial expectations and on household real financial capital gains imputed from the Family Resources Survey. We find a marginal propensity to consume out of unanticipated shocks to housing wealth of 0.01. Omitting the measure of financial expectations biases the results upward. We find little evidence of heterogeneity in responses of young and old homeowners, but differences between owners and renters. We also find asymmetric behavior between house price rises and falls, and a disproportionate impact on saving if the household had negative housing equity at the start of the period.