2013, English, Article edition: Home prices and household spending / Callan Windsor, Jarkko Jääskelä and Richard Finlay. Windsor, Callan, (author.)

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Physical Description
  • ii, 36 pages : colour charts ; 22 cm.
Published
  • Sydney, NSW Economic Group, Reserve Bank of Australia, April 2013.
Language
  • English

Edition details

Title
  • Home prices and household spending /​ Callan Windsor, Jarkko Jääskelä and Richard Finlay.
Also Titled
  • Research discussion paper, home prices and household spending
Author
  • Windsor, Callan, (author.)
Other Authors
  • Finlay, Richard, (author.)
  • Jääskelä, Jarkko, (author.)
  • Reserve Bank of Australia. Economic Group (issuing body.)
Published
  • Sydney, NSW Economic Group, Reserve Bank of Australia, April 2013.
Content Types
  • text
Carrier Types
  • volume
Physical Description
  • ii, 36 pages : colour charts ; 22 cm.
Series
Subjects
Summary
  • "This paper explores the positive relationship between home prices and household spending by following a panel of Australian households over the period 2003 to 2010. There are three hypotheses put forth in the literature to explain this relationship: (1) increases in home prices raise spending via a ‘traditional wealth effect’; (2) increases in home prices raise spending by easing credit constraints; and (3) home prices and spending are influenced by a common ‘third factor’ such as something that affects expectations regarding future income. Identifying differences in behaviour across households of different ages helps to distinguish among these hypotheses. Younger homeowners exhibit the largest home-price wealth effects, with a 3 to 4 cent increase in spending per dollar increase in home price. As young homeowners are more likely to be credit constrained, their relatively large marginal propensity to spend supports hypothesis (2) as an important determinant of the co-movement between home prices and household spending. Further, the non-response of young renters to changes in home prices argues against hypothesis (3).
Notes
  • "The discussion paper series is intended to make the results of the current economic research within the Reserve Bank available to other economists. Its aim is to present preliminary results of research so as to encourage so as to encourage discussion and comment. Views expressed in this paper are those of the authors and not necessarily those of the Reserve Bank".--Cover verso.
  • Bibliography: pages 35 -36.
  • Also available online. Address as at 31/5/13 :http:/​/​www.rba.gov.au/​publications/​rdp/​2013/​pdf/​rdp2013-04.pdf
Language
  • English
Dewey Number
  • 333.330994
Libraries Australia ID
Contributed by
Libraries Australia

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Flinders University. Flinders University Central Library. Open to the public 1534359; 330.99405 R43 2013/04 Article English
National Library of Australia. Open to the public 6259876; Nq 330.994 RES; NLq 330.994 RES Article English
State Library of NSW. Open to the public M Q332.1105/6 (2013, April) Article English
State Library of South Australia. Open to the public Article English
State Library of Victoria. Open to the public 2550415; held Article English
University of Queensland. University of Queensland Library. Open to the public .b32697995; ssh HD7069 .W56 2013 Article English
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