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New Evidence on Housing Wealth and Consumption Channels

Bing, Zhu, Sebastian, Steffen P., Lingxiao, Li and Downs, David (2017) New Evidence on Housing Wealth and Consumption Channels. The Journal of Real Estate Finance and Economics, pp. 1-29.

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Other URL: https://doi.org/10.1007/s11146-017-9638-8


Abstract (German)

This paper provides new evidence on the effect of housing wealth on consumption by focusing on the impact of home-equity extraction. We develop a household consumption decision model to illustrate the differential effect of home-equity extraction, relative to net home equity, on consumption. The home-equity extraction channel is also shown to vary with household-level borrowing constraints. Based ...

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Item type:Article
Date:3 November 2017
Institutions:Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian)
Business, Economics and Information Systems > Institut für Immobilienenwirtschaft / IRE|BS > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian)
Identification Number:
ValueType
10.1007/s11146-017-9638-8DOI
Keywords:Consumption; Housing wealth; Home-equity credit; Liquidity constraint
Dewey Decimal Classification:300 Social sciences > 330 Economics
Status:Published
Refereed:Yes, this version has been refereed
Created at the University of Regensburg:Yes
Item ID:36797
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