The Impact of House Price Movements on Non-durable Goods Consumption of Older Households
نویسندگان
چکیده
Using Health and Retirement Study (HRS) data, we create a new, up-todate panel dataset to investigate the impact of house price movements on the non-durable goods consumption of older households. We find that older homeowners respond asymmetrically when experiencing house price gains and house price losses. More specifically, they increase total non-durable goods expenditure when house prices appreciate, but fail to reduce consumption when house prices fall.
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