Price Expectations, Distressed Mortgage Markets and the Housing Wealth Effect
利用监管与调查微观数据，研究爱尔兰抵押贷款市场中生命周期消费理论对住房财富效应的影响，发现消费与住房财富变化正相关，且仅当变化被视为永久性时才成立。
Using a unique combination of regulatory and survey microdata, we examine the importance of the life cycle theory of consumption in estimating housing wealth effects for the Irish mortgage market. Since the recent financial crisis, this market has experienced substantial house price declines and negative equity. Thus, house price expectations are likely to be important in influencing housing wealth effects. We find a positive correlation between consumption and changes in housing wealth among our sample of mortgaged Irish households. Furthermore, we find that this positive association only exists when housing wealth changes are perceived to be of a permanent nature.