Household Balance Sheets, Consumption, and the Economic Slump
نویسندگان
چکیده
County-level housing net worth shock: We cannot make the exact county-level housing net worth shock used in our analysis publicly available given restrictions in our agreements with Equifax and CoreLogic. However, we can make a CBSA-level data set available that replaces Equifax debt with county-level debt from the Federal Reserve Bank of New York, and replaces CoreLogic house price growth from 2006 to 2009 with FHFA house price growth from 2006 to 2009. At the CBSA level, a regression of the housing net worth shock used in the study on the publicly available version yields an R2 of 0.94 and a coefficient of 0.87. The estimated elasticity of spending growth on the housing net worth shock is almost identical using the public version of the data. The main disadvantage of the public version is a smaller sample. The public version of the data is available here:
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