The housing wealth effect: The role of renovations and home improvements
研究装修和房屋改善是否会导致住房财富效应的估计偏差，发现两者不相关，因此偏差为零，结果支持外生维护模型。
Abstract This paper tests whether disregarding home improvements biases the housing wealth effect, that is, the marginal propensity to consume out of housing wealth. We decompose housing wealth changes in their unanticipated and exogenous component by filtering out previously elicited expectations of house prices and by dealing with endogenous home improvements. Results show that the bias is zero due to the zero correlation between home investments and changes in house values. Results are consistent with models with exogenous maintenance and with the evidence that maintenance contrasts depreciation and is mostly value‐preserving. A comparative empirical approach excludes that results are only internally valid.