Housing, Consumption and Borrowing: An Assessment of Recent Personal Sector Behaviour in the UK

Nigel Pain and Peter Westaway ()

National Institute Economic Review, 1994, vol. 149, 53-64

Abstract: This note describes some results from recent research on the personal sector and the housing market in the UK, carried out at the National Institute over the last two years. The research has included the development of a theoretical micro-to-macro model which has subsequently been used to inform the specification of our econometric modelling work. This has resulted in the incorporation of a new system of equations for the personal sector in the NIESR macroeconometric model of the UK economy. This now includes new relationships characterising consumer spending (total and durables), housing demand, house prices, housing investment, consumer credit and ‘mortgage equity withdrawal. These equations are closely related to those described in Pain and Westaway (1994) which were developed in a project commissioned by HM Treasury.

Date: 1994
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