House price expectations and household consumption
利用纽约联储和密歇根调查的微观数据，发现预期房价上涨的人更愿意增加家庭支出；全国房价预期每上升1个百分点，预期总支出增长约0.09个百分点，且该效应在可能面临借贷约束的人群中更显著。
This paper investigates the relationship between individuals’ house price expectations and their spending intentions using microdata from the New York Fed Survey of Consumer Expectations and the Michigan Survey of Consumers. The results suggest that people who anticipate rising house prices express greater readiness to increase their household spending. A one percentage point increase in nationwide house price expectations over the next 12 months is associated with an approximate 0.09 percentage point increase in expected total household spending growth over the same period. Moreover, the relationship between house price expectations and intended household spending is more pronounced for those who are likely to experience borrowing constraints.