Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions
利用限购政策导致资本外溢到未限购城市的准实验，研究外地购房需求如何推高当地房价，并发现房价上涨对总消费有正面影响，但存在再分配效应：对租房者不利，对房主有利。
Abstract We use a unique quasi-experiment–spillovers from the imposition of purchase restrictions on local housing to nearby unregulated cities–to study the effects of out-of-town housing demand on house prices and consumer spending. While these restrictions effectively stymied the surge in local house prices, they induced capital flight and sharp abnormal increases in house prices in nearby unregulated cities. The effect of the house price increases on consumer spending is positive in the aggregate, but echoing Favilukis and Van Nieuwerburgh (2021), is redistributive, that is, negative for renters and positive for homeowners. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online