EconPapers    
Economics at your fingertips  
 

Multi-Horizon Financial and Housing Wealth Effects across the U.S. States

Yener Coskun (), Christos Bouras (), Rangan Gupta () and Mark Wohar ()
Additional contact information
Christos Bouras: University of Piraeus, Department of Banking and Financial Management, Greece

No 201958, Working Papers from University of Pretoria, Department of Economics

Abstract: We examine multi-horizon wealth effects across U.S. states over the period of 1975:Q1 to 2012:Q2 by utilizing multi-horizon non-causality testing (Dufour et al., 2006) and multi-horizon causality measurement (Dufour and Taamouti, 2010). We find in both that housing wealth has a more statistically significant, persistent, and widespread impacts than financial wealth on state/aggregate levels. We also find that state-level housing/financial wealth effects show heterogenity accross the U.S. Moreover, except the result of multi-horizon causality measure for financial wealth, the evidence show the presence of financial/housing wealth effects for consumption in longer horizons. State-level evidence suggests that state-level policies may specifically utilize the housing market to support consumption and growth.

Keywords: Consumption; housing wealth effect; financial wealth effect; multi-step causality (search for similar items in EconPapers)
JEL-codes: C32 E21 E44 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-ure
Date: 2019-08
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.up.ac.za/media/shared/61/WP/wp_2019_58.zp178504.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pre:wpaper:201958

Access Statistics for this paper

More papers in Working Papers from University of Pretoria, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Rangan Gupta ().

 
Page updated 2019-10-10
Handle: RePEc:pre:wpaper:201958