Inequality, Demographics and the Housing Wealth Effect: Panel Quantile Regression Evidence for the US States

Georgios Bampinas (), Panagiotis Konstantinou () and Theodore Panagiotidis
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Panagiotis Konstantinou: Department of International and European Economic Studies, Athens University of Economics and Business, Greece

Working Paper series from Rimini Centre for Economic Analysis

Abstract: We extend the long-run Case, Quigley and Shiller (2013) type of specification on wealth effects by considering the role of inequality and demographics. Using a panel quantile framework for 48 US states, we find that higher levels of consumption lead to a larger (smaller) marginal effect of housing (financial) wealth. Both inequality and demographics affect consumption in a negative and significant way. Demographics are significant only for relative high levels of consumption.

Keywords: housing wealth; wealth effect; consumption; panel quantile; demographics; inequality (search for similar items in EconPapers)
JEL-codes: E21 G1 R31 (search for similar items in EconPapers)
Date: 2017-01
New Economics Papers: this item is included in nep-mac and nep-ure
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:rim:rimwps:17-01

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