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Housing and Saving in the United States

In: Housing Markets in the United States and Japan

  • Jonathan S. Skinner

The efficient markets hypothesis has dominated modern research on asset prices. Asset prices and their intrinsic values differ in inefficient financial markets but difficulties in the measurement of intrinsic value greatly complicate market efficiency tests. Reflections on the measurement of intrinsic value provide insight into the interpretation of existing evidence and suggestions for generating new evidence on market efficiency. This review essay on the state of knowledge about market efficiency focuses on "A Reappraisal of the Efficiency of Financial Markets", analyzing the research areas from this perspective: (1) short-run stock return predictability; (2) asset pricing anomalies; and (3) excess volatility and present value relations.

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This chapter was published in:
  • Yukio Noguchi & James M. Poterba, 1994. "Housing Markets in the United States and Japan," NBER Books, National Bureau of Economic Research, Inc, number nogu94-2.
  • This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 8826.
    Handle: RePEc:nbr:nberch:8826
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    National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.

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    1. Schwab, Robert M., 1983. "Real and nominal interest rates and the demand for housing," Journal of Urban Economics, Elsevier, vol. 13(2), pages 181-195, March.
    2. Kearl, J R, 1979. "Inflation, Mortgages, and Housing," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 1115-38, October.
    3. Steven F. Venti & David A. Wise, 1987. "Aging, Moving, and Housing Wealth," NBER Working Papers 2324, National Bureau of Economic Research, Inc.
    4. Manchester, Joyce M. & Poterba, James M., 1989. "Second mortgages and household saving," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 325-346, May.
    5. Jonathan Skinner, 1989. "Housing Wealth and Aggregate Saving," NBER Working Papers 2842, National Bureau of Economic Research, Inc.
    6. James Berkovec & Don Fullerton, 1990. "A General Equilibrium Model of Housing, Taxes, and Portfolio Choice," NBER Working Papers 3505, National Bureau of Economic Research, Inc.
    7. Berkovec, James & Fullerton, Don, 1989. "The General Equilibrium Effects of Inflation on Housing Consumption and Investment," American Economic Review, American Economic Association, vol. 79(2), pages 277-82, May.
    8. Mankiw, N.G. & Zeldes, S.P., 1990. "The Consumption Of Stockholders And Non-Stockholders," Weiss Center Working Papers 23-90, Wharton School - Weiss Center for International Financial Research.
    9. Henderson, J Vernon & Ioannides, Yannis M, 1983. "A Model of Housing Tenure Choice," American Economic Review, American Economic Association, vol. 73(1), pages 98-113, March.
    10. Mankiw, N. Gregory & Weil, David N., 1989. "The baby boom, the baby bust, and the housing market," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 235-258, May.
    11. Thaler, Richard H, 1990. "Saving, Fungibility, and Mental Accounts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 193-205, Winter.
    12. Krumm, Ronald & Kelly, Austin, 1989. "Effects of homeownership on household savings," Journal of Urban Economics, Elsevier, vol. 26(3), pages 281-294, November.
    13. Jones, Lawrence D, 1990. "Current Wealth Constraints on the Housing Demand of Young Owners," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 424-32, August.
    14. Goodwin, Thomas H, 1986. "Inflation, Risk, Taxes, and the Demand for Owner-Occupied Housing," The Review of Economics and Statistics, MIT Press, vol. 68(2), pages 197-206, May.
    15. David A. Wise, 1989. "The Economics of Aging," NBER Books, National Bureau of Economic Research, Inc, number wise89-1.
    16. Darby, Michael R, 1975. "The Financial and Tax Effects of Monetary Policy on Interest Rates," Economic Inquiry, Western Economic Association International, vol. 13(2), pages 266-76, June.
    17. Hayashi, Fumio & Ito, Takatoshi & Slemrod, Joel, 1988. "Housing finance imperfections, taxation, and private saving: A comparative simulation analysis of the United States and Japan," Journal of the Japanese and International Economies, Elsevier, vol. 2(3), pages 215-238, September.
    18. Venti, Steven F. & Wise, David A., 1991. "Aging and the income value of housing wealth," Journal of Public Economics, Elsevier, vol. 44(3), pages 371-397, April.
    19. Patric H. Hendershott & Yunhi Won, 1989. "Introducing Risky Housing and Endogenous Tenure Choice into Portfolio- Based General Equilibrium Models," NBER Working Papers 3114, National Bureau of Economic Research, Inc.
    20. Steven F. Venti & David A. Wise, 1989. "But They Don't Want to Reduce Housing Equity," NBER Working Papers 2859, National Bureau of Economic Research, Inc.
    21. Hendershott, Patric H. & Won, Yunhi, 1992. "Introducing risky housing and endogenous tenure choice into a portfolio-based general equilibrium model," Journal of Public Economics, Elsevier, vol. 48(3), pages 293-316, August.
    22. James M. Poterba, 1984. "Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 99(4), pages 729-752.
    23. Tanzi, Vito, 1980. "Inflationary Expectations, Economic Activity, Taxes, and Interest Rates," American Economic Review, American Economic Association, vol. 70(1), pages 12-21, March.
    24. Chunrong Ai & Jonathan Feinstein & Daniel L. McFadden & Henry Pollakowski, 1990. "The Dynamics of Housing Demand by the Elderly: User Cost Effects," NBER Chapters, in: Issues in the Economics of Aging, pages 33-88 National Bureau of Economic Research, Inc.
    25. Artle, Roland & Varaiya, Pravin, 1978. "Life cycle consumption and homeownership," Journal of Economic Theory, Elsevier, vol. 18(1), pages 38-58, June.
    26. Kul B. Bhatia, 1987. "Real Estate Assets and Consumer Spending," The Quarterly Journal of Economics, Oxford University Press, vol. 102(2), pages 437-444.
    27. Melvin, Michael, 1982. "Expected Inflation, Taxation, and Interest Rates: The Delusion of Fiscal Illusion," American Economic Review, American Economic Association, vol. 72(4), pages 841-45, September.
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