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House Prices, Personal Sector Wealth and Consumption: Some Conceptual and Empirical Issues

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  • Miles, David K

Abstract

This paper analyzes the impact of changes in the real price of houses upon the level of wealth and the rate of consumption of the personal sector. A theoretical framework is developed to assess under what conditions the real net worth of agents is increased by unanticipated house price inflation. Long-term trends in the value of the U.K. housing stock and in the excess returns to housing wealth are measured. The implications of the results for policy and for economic modeling are discussed. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester

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  • Miles, David K, 1993. "House Prices, Personal Sector Wealth and Consumption: Some Conceptual and Empirical Issues," The Manchester School of Economic & Social Studies, University of Manchester, vol. 61(0), pages 35-59, Suppl..
    • Handle: RePEc:bla:manch2:v:61:y:1993:i:0:p:35-59
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    1. repec:zbw:bofrdp:1998_012 is not listed on IDEAS
    2. David Begg & Stephany Griffith-Jones, 1998. "Swinging since the 60's: Fluctuations in UK Saving and Lessons for Latin America," Research Department Publications 3032, Inter-American Development Bank, Research Department.
    3. Pain, Nigel & Westaway, Peter, 1997. "Modelling structural change in the UK housing market: A comparison of alternative house price models," Economic Modelling, Elsevier, vol. 14(4), pages 587-610, October.
    4. Barot, Bharat & Takala, Kari, 1998. "House prices and inflation : a cointegration analysis for Finland and Sweden," Research Discussion Papers 12/1998, Bank of Finland.
    5. Skinner, Jonathan, 1996. "The dynamic efficiency cost of not taxing housing," Journal of Public Economics, Elsevier, vol. 59(3), pages 397-417, March.
    6. Englund, Peter & Ioannides, Yannis M., 1997. "House Price Dynamics: An International Empirical Perspective," Journal of Housing Economics, Elsevier, vol. 6(2), pages 119-136, June.
    7. Jacinta C. Nwachukwu, 2017. "Tenure and Spending Within UK Households at the End of the Recent Recession," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 133(3), pages 1075-1104, September.
    8. Gurdgiev, Constantin T., 2006. "Owner-occupied housing in a model of exchange rate determination," Journal of Housing Economics, Elsevier, vol. 15(3), pages 217-229, September.
    9. Antipa, P. & Schalck, C., 2009. "Impact of Fiscal Policy on Residential Investment in France," Working papers 270, Banque de France.
    10. Barot, Bharat & Takala, Kari, 1998. "House prices and inflation: a cointegration analysis for Finland and Sweden," Bank of Finland Research Discussion Papers 12/1998, Bank of Finland.
    11. Catarina Figueira & John Glen & Joseph Nellis, 2005. "A Dynamic Analysis of Mortgage Arrears in the UK Housing Market," Urban/Regional 0509006, University Library of Munich, Germany.
    12. Catarina Figueira & John Glen & Joseph Nellis, 2005. "A Dynamic Analysis of Mortgage Arrears in the UK Housing Market," Urban Studies, Urban Studies Journal Limited, vol. 42(10), pages 1755-1769, September.

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