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Housing wealth, credit conditions and consumption

Abstract:

There is widespread disagreement about the role of housing wealth in explaining consumption. Much of the empirical literature is marred by poor controls for the common drivers both of house prices and consumption, including income, income growth expectations, interest rates, credit supply conditions, other assets and indicators of income uncertainty (such as changes in the unemployment rate). For instance, while the easing of credit supply conditions is usually followed by a house price boom,...

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Publication status:
Published
Peer review status:
Not peer reviewed
Version:
Author's Original

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Institution:
University of Oxford
Research group:
South African Macroeconomic Research Programme
Department:
Social Sciences Division - Economics - Centre for the study of African Economies
More by this author
Institution:
University of Oxford
Research group:
South African Macroeconomic Research Programme
Oxford college:
Nuffield College
Department:
Social Sciences Division - Economics
Series:
CSAE working paper series
Publication date:
2006
URN:
uuid:29773f14-4eba-453e-aa73-7401ae9830bd
Local pid:
ora:2610

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