House Prices and Bequests

Edward C Hoang
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Edward C Hoang: Department of Economics, University of Colorado Colorado Springs, 1420 Austin Bluffs Parkway, Colorado Springs, CO 80918, USA

Eastern Economic Journal, 2016, vol. 42, issue 3, 415-427

Abstract: House price growth has been documented to have real effects on economic behavior through the availability of wealth gains. This paper examines the response of a specific source of bequests — life insurance death benefits — to changes in house prices for 50 US states and over the period 1977–2011. Our panel data analysis reveals that house price appreciation is associated with increases in life insurance death benefits. This result is consistent with wealth gains generated by house price appreciation being partially passed on in the form of bequests.

Date: 2016
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