How Do Housing Markets Affect Local Consumer Prices?: Evidence from U.S. Cities
研究了美国41个城市住房价格与消费价格的关系，发现住房价格变动会先于消费价格变化，且影响因地点和商品类别而异，住房供给冲击通过成本推动暂时影响消费价格，而需求冲击通过财富和抵押渠道产生持久影响。
Abstract We examine the link between house and consumer prices in 41 U.S. cities using retail price data for various consumer goods. We find that shifts in house prices precede consumer price changes, with varying impacts depending on location and product categories. The nature of housing market shocks matters too; housing supply shocks move consumer prices temporarily through the cost‐push dynamics, while housing demand shocks have enduring effects via wealth and collateral channels. Our findings imply that housing market fluctuations may have greater impacts on local cost of living and consumer welfare than their representation in the Consumer Price Index.