House Price Shocks, Negative Equity, and Household Consumption in the United Kingdom
利用英国家庭面板调查数据，研究了1990年代英国住房市场周期中房价变动对家庭储蓄行为的影响，发现住房财富的边际消费倾向在0.01到0.03之间，且房价上涨时消费反应更强，负资产家庭储蓄受影响更大。
We examine the impact of housing capital gains on savings behaviour during the 1990s British housing market cycle using microdata from the British Household Panel Survey and county-level house price data.We condition the models on household real financial capital gains using Family Resources Survey data.We find a marginal propensity to consume out of housing wealth of between 0.01 and 0.03, depending on specification.Among our novel findings are asymmetric behaviour between periods of house price rises and falls, with stronger consumption response during periods of house price increases, and a disproportionate impact on saving if the household has negative housing equity.