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Is religion an inferior good? Evidence from fluctuations in housing wealth

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  • Laeven, Luc
  • Popov, Alexander
  • Sievert, Clara

Abstract

An increase in local house prices in the US is associated with a decrease in the time homeowners spend on religious activities compared to renters. Notably, this effect is not observed in volunteering and civic activities. The decline in religious activities is more pronounced for credit-constrained households. The main result is attributed to a wealth effect, whereby activities that have an inferior-good component decline with housing wealth, and to a substitution effect whereby the attractiveness of activities linked to the residential asset increases during housing booms.

Suggested Citation

  • Laeven, Luc & Popov, Alexander & Sievert, Clara, 2024. "Is religion an inferior good? Evidence from fluctuations in housing wealth," Journal of Economic Behavior & Organization, Elsevier, vol. 217(C), pages 705-725.
    • Handle: RePEc:eee:jeborg:v:217:y:2024:i:c:p:705-725
    DOI: 10.1016/j.jebo.2023.11.030
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    More about this item

    Keywords

    Homeownership; House prices; Social capital; Religion; Time allocation;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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