Dynamics of Wealth and Consumption: New and Improved Measures for U.S. States
AbstractCase, Quigley, and Shiller (2005) persuasively argue that the well-known conceptual difficulties in measuring aggregate “wealth effects” might be lessened by the use of state-level data. Unfortunately, the data required for a convincing implementation of their idea have been either virtually nonexistent (for financial wealth) or of questionable quality (for consumption). Our main contributions are to provide the first directly observed panel data on financial wealth at the state level, and to construct improved measures of state-level spending growth. Using these data, we estimate rudimentary “wealth effects” regressions that find a strong relationship between twice-lagged housing wealth growth and current spending growth, but we find no relationship between lagged financial wealth growth and current spending growth.
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Bibliographic InfoArticle provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.
Volume (Year): 12 (2012)
Issue (Month): 2 (March)
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Web page: http://www.degruyter.com
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- Beatrice D. Simo-Kengne & Stephen M. Miller & Rangan Gupta & Goodness C. Aye, 2013.
"Time-Varying Effects of Housing and Stock Prices on U.S. Consumption,"
201325, University of Pretoria, Department of Economics.
- Beatrice D. Simo-Kengne & Stephen M. Miller & Rangan Gupta & Goodness C. Aye, 2013. "Time-Varying Effects of Housing and Stock Prices on U.S. Consumption," Working papers 2013-13, University of Connecticut, Department of Economics.
- Wendy Nyakabawo & Stephen M. Miller & Mehmet Balcilar & Sonali Das & Rangan Gupta, 2013.
"Temporal Causality between House Prices and Output in the U.S.: A Bootstrap Rolling-Window Approach,"
2013-14, University of Connecticut, Department of Economics.
- Wendy Nyakabawo & Stephen M. Miller & Mehmet Balcilar & Sonali Das & Rangan Gupta, 2013. "Temporal Causality between House Prices and Output in the U. S.: A Bootstrap Rolling-Window Approach," Working Papers 201329, University of Pretoria, Department of Economics.
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