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House Prices and Consumer Spending

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Flood, Morin, and Kolet examine the role of house prices in household consumption decisions. Considering a group of advanced economies, the authors find that the strength of the link between house prices and consumer spending depends on the institutional features of national mortgage markets. The link between house prices and consumer spending is found to be stronger in countries with more-developed mortgage markets characterized by lower down payment ratios, increased availability of home-equity borrowing products, longer average mortgage terms, and a higher degree of mortgage securitization. Their findings also suggest that the liberalization of mortgage markets since the early 1980s has resulted in a stronger link between house prices and consumer spending.

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  • Kimberly Flood & Sylvie Morin & Ilan Kolet, 2008. "House Prices and Consumer Spending," Bank of Canada Review, Bank of Canada, vol. 2008(Summer), pages 33-46.
    • Handle: RePEc:bca:bcarev:v:2008:y:2008:i:summer08:p:33-46
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    Cited by:

    1. repec:cuf:journl:y:2017:v:18:i:1:dinghuang is not listed on IDEAS
    2. van Holle, Frederiek, 2017. "Essays in empirical finance and monetary policy," Other publications TiSEM 30d11a4b-7bc9-4c81-ad24-5, Tilburg University, School of Economics and Management.
    3. Kimberly Beaton & René Lalonde & Corinne Luu, 2009. "A Financial Conditions Index for the United States," Discussion Papers 09-11, Bank of Canada.

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