Consumption and housing net worth: Cross-country evidence

David Cronin and Kieran McQuinn

Economics Letters, 2021, vol. 209, issue C

Abstract: Using a 22-country OECD panel from 1996 to 2017, we examine the extent to which the housing net worth channel affects personal consumption internationally during a period of considerable variation in house prices and credit provision. We identify an asymmetrical response where declines in housing net worth have a much greater impact on consumption than arises for positive changes in net worth.

Keywords: Housing net worth; House prices; Consumption (search for similar items in EconPapers)
JEL-codes: E21 E32 E51 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:209:y:2021:i:c:s0165176521004171

DOI: 10.1016/j.econlet.2021.110140

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