Consumption Responses to Permanent and Transitory Shocks to House Appreciation
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چکیده
منابع مشابه
Consumption Responses to Permanent and Transitory Shocks to House Appreciation
We estimate the marginal propensity to consume (MPC) out of permanent and transitory shocks to house price appreciation. Besides borrowing constraints, we consider two different models under which those shocks may affect consumption. In the first one, we treat housing as a risky asset. In the second one, housing has a role as a consumption and as an investment good. In both, changes in the rate...
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Permanent and transitory dynamics in house prices and consumption: some implications for the real effects of the financial crisis Fabio C. Bagliano ab; Claudio Morana bcd a Dipartimento di Scienze Economiche e Finanziarie, Università di Torino, Torino, Italy b CeRP, Moncalieri, Italy c Dipartimento di Scienze Economiche e Metodi Quantitativi, Università del Piemonte Orientale, Novara, Italy d I...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1788218