Booms and busts in household wealth: implications for Tenth District states
Chad Wilkerson and
Economic Review, 2011, vol. 96, issue Q II
The U.S. stock market and housing market--the two largest sources of U.S. household wealth--have had sizable booms and busts in recent years. This volatility has influenced national consumption trends and had important consequences for states. Some states have become relatively wealthier, affecting both the short- and long-term consumption spending potential of their residents. ; Understanding how wealth changes affect state economies could be especially important in 2011 and 2012 given the recent resumption of home price declines in much of the country. Research has shown that consumption can be more sensitive to changes in housing wealth than other types of wealth. While the home price collapse in 2007-09 hurt the Tenth District less than the nation, home price fundamentals in several District states may be more similar to the nation over the next couple of years. ; Wilkerson and Williams examine recent changes in household wealth in Tenth District states and explore how the region is positioned heading forward.
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