Housing Wealth and Consumption: Evidence from Geographically Linked Microdata
利用地理关联微观数据，研究发现房价每上涨1美元，房主消费增加0.047美元，而租户消费几乎无变化，且信贷受限家庭反应更大，表明借贷约束放松是住房财富边际消费倾向的主要驱动因素。
Rising home values also raise the cost of living, offsetting their impact on consumption. However, additional home equity collateral can loosen borrowing constraints, increasing spending for households that value their current endowment of housing highly. I use geographically linked microdata to exploit regional heterogeneity in housing markets and identify the causal effect of house price fluctuations on consumer spending. A $1 increase in home values leads to a $0.047 increase in spending for homeowners, but a negligible response for renters. Results reflect large responses among credit constrained households, suggesting looser borrowing constraints are a primary driver of the MPC out of housing wealth.