House Price Rises and Borrowing to Invest
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Thomas Crossley & Peter Levell & Hamish Low, 2020. "House Price Rises and Borrowing to Invest," IFS Working Papers W20/2, Institute for Fiscal Studies.
References listed on IDEAS
- Christelis, Dimitris & Georgarakos, Dimitris & Jappelli, Tullio, 2015.
"Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession,"
Journal of Monetary Economics, Elsevier, vol. 72(C), pages 21-41.
- Dimitrios Christelis & Dimitris Georgarakos & Tullio Jappelli, 2011. "Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession," CSEF Working Papers 279, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 19 Nov 2014.
- Georgarakos, Dimitris & Christelis, Dimitris & Jappelli, Tullio, 2015. "Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession," Working Paper Series 1762, European Central Bank.
- Christelis, Dimitris & Georgarakos, Dimitris & Jappelli, Tullio, 2014. "Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession," CFS Working Paper Series 471, Center for Financial Studies (CFS).
- Jappelli, Tullio & Georgarakos, Dimitris, 2014. "Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession," CEPR Discussion Papers 10196, C.E.P.R. Discussion Papers.
- Christelis, Dimitris & Georgarakos, Dimitris & Jappelli, Tullio, 2011. "Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession," CFS Working Paper Series 2011/27, Center for Financial Studies (CFS).
- James Cloyne & Kilian Huber & Ethan Ilzetzki & Henrik Kleven, 2019.
"The Effect of House Prices on Household Borrowing: A New Approach,"
American Economic Review, American Economic Association, vol. 109(6), pages 2104-2136, June.
- Cloyne, James & Huber, Kilian & Ilzetzki, Ethan & Kleven, Henrik, 2017. "The effect of house prices on household borrowing: a new approach," Bank of England working papers 650, Bank of England.
- Cloyne, James & Huber, Kilian & Ilzetzki, Ethan & Kleven, Henrik, 2019. "The effect of house prices on household borrowing: a new approach," LSE Research Online Documents on Economics 101065, London School of Economics and Political Science, LSE Library.
- James Cloyne & Kilian Huber & Ethan Ilzetzki & Henrik Kleven, 2017. "The Effect of House Prices on Household Borrowing: A New Approach," NBER Working Papers 23861, National Bureau of Economic Research, Inc.
- Gyourko, Joseph & Saiz, Albert, 2004. "Reinvestment in the housing stock: the role of construction costs and the supply side," Journal of Urban Economics, Elsevier, vol. 55(2), pages 238-256, March.
- Patric H. Hendershott & Gwilyn Pryce & Michael White, 2002. "Household Leverage and the Deductibility of Home Mortgage Interest: Evidence from UK House Purchasers," NBER Working Papers 9207, National Bureau of Economic Research, Inc.
- Raj Chetty & László Sándor & Adam Szeidl, 2017.
"The Effect of Housing on Portfolio Choice,"
Journal of Finance, American Finance Association, vol. 72(3), pages 1171-1212, June.
- Raj Chetty & Adam Szeidl, 2010. "The Effect of Housing on Portfolio Choice," NBER Working Papers 15998, National Bureau of Economic Research, Inc.
- Angrist, Joshua D & Krueger, Alan B, 1995. "Split-Sample Instrumental Variables Estimates of the Return to Schooling," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(2), pages 225-235, April.
- Pacini, David & Windmeijer, Frank, 2016.
"Robust inference for the Two-Sample 2SLS estimator,"
Economics Letters, Elsevier, vol. 146(C), pages 50-54.
- David Pacini & Frank Windmeijer, 2016. "Robust Inference for the Two-Sample 2SLS Estimator," Bristol Economics Discussion Papers 16/676, School of Economics, University of Bristol, UK.
- Atif Mian & Kamalesh Rao & Amir Sufi, 2013. "Household Balance Sheets, Consumption, and the Economic Slump," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 128(4), pages 1687-1726.
- Atif Mian & Amir Sufi, 2011.
"House Prices, Home Equity-Based Borrowing, and the US Household Leverage Crisis,"
American Economic Review, American Economic Association, vol. 101(5), pages 2132-2156, August.
- Atif R. Mian & Amir Sufi, 2009. "House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis," NBER Working Papers 15283, National Bureau of Economic Research, Inc.
- Choi, Hyun-Soo & Hong, Harrison & Scheinkman, Jose, 2014.
"Speculating on home improvements,"
Journal of Financial Economics, Elsevier, vol. 111(3), pages 609-624.
- Hyun-Soo Choi & Harrison Hong & Jose Scheinkman, 2011. "Speculating on Home Improvements," Working Papers 1355, Princeton University, Department of Economics, Econometric Research Program..
- Martin Browning & Thomas F. Crossley & Joachim Winter, 2014.
"The Measurement of Household Consumption Expenditures,"
Annual Review of Economics, Annual Reviews, vol. 6(1), pages 475-501, August.
- Martin Browning & Thomas Crossley & Joachim K. Winter, 2014. "The measurement of household consumption expenditures," IFS Working Papers W14/07, Institute for Fiscal Studies.
- Douglas Staiger & James H. Stock, 1997.
"Instrumental Variables Regression with Weak Instruments,"
Econometrica, Econometric Society, vol. 65(3), pages 557-586, May.
- Douglas Staiger & James H. Stock, 1994. "Instrumental Variables Regression with Weak Instruments," NBER Technical Working Papers 0151, National Bureau of Economic Research, Inc.
- Richard Disney & John Gathergood & Andrew Henley, 2010. "House Price Shocks, Negative Equity, and Household Consumption in the United Kingdom," Journal of the European Economic Association, MIT Press, vol. 8(6), pages 1179-1207, December.
- Daniel Cooper, 2013. "House Price Fluctuations: The Role of Housing Wealth as Borrowing Collateral," The Review of Economics and Statistics, MIT Press, vol. 95(4), pages 1183-1197, October.
- Brian T. Melzer, 2017. "Mortgage Debt Overhang: Reduced Investment by Homeowners at Risk of Default," Journal of Finance, American Finance Association, vol. 72(2), pages 575-612, April.
- Agustín S. Bénétrix & Barry Eichengreen & Kevin H. O'Rourke, 2012.
"How housing slumps end [Financial institutions and markets across countries and over time: data and analysis],"
Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 27(72), pages 647-692.
- Kevin Hjortshøj O'Rourke & Augustin S. Benetrix and Barry Eichengreen, 2011. "How Housing Slumps End," Economics Series Working Papers 577, University of Oxford, Department of Economics.
- Agustin Benetrix & Barry Eichengreen & Kevin H. O'Rourke, 2011. "How Housing Slumps End," The Institute for International Integration Studies Discussion Paper Series iiisdp384, IIIS.
- Joshua D. Angrist & Alan B. Krueger, 1993.
"Split Sample Instrumental Variables,"
Working Papers
699, Princeton University, Department of Economics, Industrial Relations Section..
- Joshua D. Angrist & Alan B. Krueger, 1995. "Split Sample Instrumental Variables," NBER Technical Working Papers 0150, National Bureau of Economic Research, Inc.
- Richard Blundell & Luigi Pistaferri & Ian Preston, 2008.
"Consumption Inequality and Partial Insurance,"
American Economic Review, American Economic Association, vol. 98(5), pages 1887-1921, December.
- Richard Blundell & Luigi Pistaferri & Ian Preston, 2004. "Consumption inequality and partial insurance," IFS Working Papers W04/28, Institute for Fiscal Studies.
- Orazio P. Attanasio & Laura Blow & Robert Hamilton & Andrew Leicester, 2009.
"Booms and Busts: Consumption, House Prices and Expectations,"
Economica, London School of Economics and Political Science, vol. 76(301), pages 20-50, February.
- Orazio Attanasio & Laura Blow & Robert Hamilton & Andrew Leicester, 2005. "Booms and busts: consumption, house prices and expectations," IFS Working Papers W05/24, Institute for Fiscal Studies.
- Peter J. Brady & Glenn B. Canner & Dean M. Maki, 2000. "The effects of recent mortgage refinancing," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 7(Jul), pages 441-450.
- Adrian, Tobias & Shin, Hyun Song, 2010.
"Liquidity and leverage,"
Journal of Financial Intermediation, Elsevier, vol. 19(3), pages 418-437, July.
- Tobias Adrian & Hyun Song Shin, 2008. "Liquidity and leverage," Staff Reports 328, Federal Reserve Bank of New York.
- Aditya Aladangady, 2017. "Housing Wealth and Consumption: Evidence from Geographically-Linked Microdata," American Economic Review, American Economic Association, vol. 107(11), pages 3415-3446, November.
- Orazio Attanasio & Renata Bottazzi & Hamish Low & Lars Nesheim & Matthew Wakefield, 2012.
"Modelling the Demand for Housing over the Lifecycle,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(1), pages 1-18, January.
- Orazio Attanasio & Renata Bottazzi & Hamish Low & Lars Nesheim & Matthew Wakefield, 2011. "Code and data files for "Modelling the Demand for Housing over the Lifecycle"," Computer Codes 10-53, Review of Economic Dynamics.
- Atsushi Inoue & Gary Solon, 2010.
"Two-Sample Instrumental Variables Estimators,"
The Review of Economics and Statistics, MIT Press, vol. 92(3), pages 557-561, August.
- Atsushi Inoue & Gary Solon, 2005. "Two-Sample Instrumental Variables Estimators," NBER Technical Working Papers 0311, National Bureau of Economic Research, Inc.
- Joao F. Cocco, 2005. "Consumption and Portfolio Choice over the Life Cycle," The Review of Financial Studies, Society for Financial Studies, vol. 18(2), pages 491-533.
- Andreas Lehnert, 2004. "Housing, consumption, and credit constraints," Finance and Economics Discussion Series 2004-63, Board of Governors of the Federal Reserve System (U.S.).
- Merton, Robert C, 1969. "Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case," The Review of Economics and Statistics, MIT Press, vol. 51(3), pages 247-257, August.
- Andra C. Ghent & Marianna Kudlyak, 2011. "Recourse and Residential Mortgage Default: Evidence from US States 1," The Review of Financial Studies, Society for Financial Studies, vol. 24(9), pages 3139-3186.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Rowena Crawford & Polly Simpson, 2020. "The impact of house prices on pension saving in early adulthood," IFS Working Papers W20/38, Institute for Fiscal Studies.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Mairead Roiste & Apostolos Fasianos & Robert Kirkby & Fang Yao, 2021. "Are Housing Wealth Effects Asymmetric in Booms and Busts?," The Journal of Real Estate Finance and Economics, Springer, vol. 62(4), pages 578-628, May.
- Xiaoqin Sun & Yuhai Su & Honglei Liu & Chengyou Li, 2022. "The Impact of House Price on Urban Household Consumption: Micro Evidence from China," Sustainability, MDPI, vol. 14(19), pages 1-20, October.
- Khorunzhina, Natalia, 2021.
"Intratemporal nonseparability between housing and nondurable consumption: Evidence from reinvestment in housing stock,"
Journal of Monetary Economics, Elsevier, vol. 117(C), pages 658-670.
- Khorunzhina, Natalia, 2018. "Intratemporal Nonseparability between Housing and Nondurable Consumption: Evidence from Reinvestment in Housing Stock," MPRA Paper 93920, University Library of Munich, Germany, revised 14 May 2019.
- Natalia Khorunzhina, 2019. "Intratemporal nonseparability between housing and nondurable consumption: evidence from reinvestment in housing stock," CESifo Working Paper Series 7663, CESifo.
- Khorunzhina, Natalia, 2019. "Intratemporal Nonseparability Between Housing and Nondurable Consumption:Evidence from Reinvestment in Housing Stock," Working Papers 3-2019, Copenhagen Business School, Department of Economics.
- Arrondel, Luc & Lamarche, Pierre & Savignac, Frédérique, 2019.
"Does inequality matter for the consumption-wealth channel? Empirical evidence,"
European Economic Review, Elsevier, vol. 111(C), pages 139-165.
- Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2017. "Does Inequality Matter for the Consumption-Wealth Channel? Empirical Evidence," CESifo Working Paper Series 6676, CESifo.
- Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2019. "Does inequality matter for the consumption-wealth channel? Empirical evidence," Post-Print halshs-02072865, HAL.
- Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2019. "Does inequality matter for the consumption-wealth channel? Empirical evidence," PSE-Ecole d'économie de Paris (Postprint) halshs-02072865, HAL.
- Adam M Guren & Alisdair McKay & Emi Nakamura & Jón Steinsson, 2021.
"Housing Wealth Effects: The Long View,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(2), pages 669-707.
- Adam M. Guren & Alisdair McKay & Emi Nakamura & Jón Steinsson, 2018. "Housing Wealth Effects: The Long View," NBER Working Papers 24729, National Bureau of Economic Research, Inc.
- Adam M. Guren & Alisdair McKay & Emi Nakamura & Jón Steinsson, 2020. "Housing Wealth Effects: The Long View," Staff Report 593, Federal Reserve Bank of Minneapolis.
- Lu Zhang, 2019. "Do house prices matter for household consumption?," CPB Discussion Paper 396.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
- Cheol Eun & Lingling Wang & Tim Zhang, 2022. "House Price Growth Synchronization and Business Cycle Alignment," The Journal of Real Estate Finance and Economics, Springer, vol. 65(4), pages 675-710, November.
- Kessel, Dany & Tyrefors, Björn & Vestman, Roine, 2018.
"The Housing Wealth Effect: Quasi-Experimental Evidence,"
Working Paper Series
361, Sveriges Riksbank (Central Bank of Sweden).
- Vestman, Roine & Bojeryd, Jesper & Tyrefors, Björn & Kessel, Dany, 2023. "The Housing Wealth Effect: Quasi-Experimental Evidence," CEPR Discussion Papers 18034, C.E.P.R. Discussion Papers.
- Dany Kessel & Bjorn Tyrefors & Roine Vestman, 2019. "The Housing Wealth Effect: Quasi-Experimental Evidence," 2019 Meeting Papers 676, Society for Economic Dynamics.
- Kessel, Dany & Tyrefors, Björn & Vestman, Roine, 2019. "The Housing Wealth Effect: Quasi-Experimental Evidence," Working Paper Series 1262, Research Institute of Industrial Economics.
- Kong, Dongmin & Cheng, Yawen & Liu, Shasha, 2021. "Unexpected housing wealth appreciation and stock market participation," Journal of Housing Economics, Elsevier, vol. 52(C).
- Lu Zhang, 2019. "Do house prices matter for household consumption?," CPB Discussion Paper 396, CPB Netherlands Bureau for Economic Policy Analysis.
- Li, Jieying & Zhang, Xin, 2017.
"House Prices, Home Equity, and Personal Debt Composition,"
Working Paper Series
343, Sveriges Riksbank (Central Bank of Sweden).
- Jieying Li & Xin Zhang, 2018. "House Prices, Home Equity, and Personal Debt Composition," 2018 Meeting Papers 661, Society for Economic Dynamics.
- Savignac, Frédérique & Arrondel, Luc & Lamarche, Pierre, 2015.
"Wealth effects on consumption across the wealth distribution: empirical evidence,"
Working Paper Series
1817, European Central Bank.
- Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2015. "Wealth Effects on Consumption across the Wealth Distribution: Empirical Evidence," Working Papers halshs-01168660, HAL.
- Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2015. "Wealth Effects on Consumption across the Wealth Distribution: Empirical Evidence," PSE Working Papers halshs-01168660, HAL.
- L. Arrondel & P. Lamarche & F. Savignac, 2015. "Wealth Effects on Consumption across the Wealth Distribution: Empirical Evidence," Working papers 552, Banque de France.
- Christelis, Dimitris & Georgarakos, Dimitris & Jappelli, Tullio & Pistaferri, Luigi & Rooij, Maarten van, 2021.
"Heterogeneous wealth effects,"
European Economic Review, Elsevier, vol. 137(C).
- Dimitris Christelis & Dimitris Georgarakos & Tullio Jappelli & Luigi Pistaferri & Maarten van Rooij, 2020. "Heterogeneous Wealth Effects," Working Papers 2020_20, Business School - Economics, University of Glasgow.
- Christelis, Dimitris & Georgarakos, Dimitris & Pistaferri, Luigi & Van Rooij, Maarten, 2020. "Heterogeneous Wealth Effects," CEPR Discussion Papers 14453, C.E.P.R. Discussion Papers.
- Atalay, Kadir & Edwards, Rebecca, 2022. "House prices, housing wealth and financial well-being," Journal of Urban Economics, Elsevier, vol. 129(C).
- Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021.
"Household Finance,"
Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
- Haliassos, Michael & Gomes, Francisco, 2020. "Household Finance," CEPR Discussion Papers 14502, C.E.P.R. Discussion Papers.
- Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Piazzesi, M. & Schneider, M., 2016.
"Housing and Macroeconomics,"
Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1547-1640,
Elsevier.
- Schneider, Martin & Piazzesi, Monika, 2016. "Housing and macroeconomics," CEPR Discussion Papers 11519, C.E.P.R. Discussion Papers.
- Monika Piazzesi & Martin Schneider, 2016. "Housing and Macroeconomics," NBER Working Papers 22354, National Bureau of Economic Research, Inc.
- Chen, Xin & Qin, Yaohua & Xiao, He & Zhang, Yifei, 2019. "Microfinancing and Home-purchase Restrictions: Evidence from the Online “Peer-to-Peer” Lending in China," MPRA Paper 95375, University Library of Munich, Germany.
- Michiel Bijlsma & Remco Mocking, 2017. "The Impact of House Price Shocks on the Savings of Dutch Homeowners and Renters," CPB Discussion Paper 346, CPB Netherlands Bureau for Economic Policy Analysis.
- Pan, Xuefeng & Wu, Weixing, 2021. "Housing returns, precautionary savings and consumption: Micro evidence from China," Journal of Empirical Finance, Elsevier, vol. 60(C), pages 39-55.
- Apostolos Fasianos & Reamonn Lydon, 2022. "Do households with debt cut back their consumption more? New evidence from the United Kingdom," Bulletin of Economic Research, Wiley Blackwell, vol. 74(3), pages 737-760, July.
More about this item
Keywords
House prices; Leverage; Consumption; Home investment;All these keywords.
JEL classification:
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
- G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:17188. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://www.cepr.org .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.