Inequality, demographics and the housing wealth effect: Panel quantile regression evidence for the US

Georgios Bampinas (), Panagiotis Konstantinou and Theodore Panagiotidis

Finance Research Letters, 2017, vol. 23, issue C, 19-22

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
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:23:y:2017:i:c:p:19-22

DOI: 10.1016/j.frl.2017.01.001

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