House Prices and Consumption in the United States
利用1999-2013年美国家庭面板数据，估计房价对消费的影响，发现平均弹性为正但较小，且受年龄和信贷约束影响，高贷款价值比家庭的弹性约为0.2。
Abstract I estimate the house price elasticity of consumption using panel data for households in the United States for the years 1999–2013. I find that the average house price elasticity of consumption is positive but modest and varies by age. However, when measuring the elasticity separately for households who are credit constrained, I find that households with a high loan‐to‐value mortgage have a much larger house price elasticity of consumption of about 0.2. I also find that poor hand‐to‐mouth households consume more than others when their house price increases while wealthy hand‐to‐mouth ones do not.