Inequality, Demographics and the Housing Wealth Effect: Panel Quantile Regression Evidence for the US States
We extend the long-run Case, Quigley and Shiller (2013) type of specification on wealth effects by considering the role of inequality and demographics. Using a panel quantile framework for 48 US states, we find that higher levels of consumption lead to a larger (smaller) marginal effect of housing (financial) wealth. Both inequality and demographics affect consumption in a negative and significant way. Demographics are significant only for relative high levels of consumption.
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- Calomiris, Charles W. & Longhofer, Stanley D. & Miles, William, 2013.
"The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares,"
Critical Finance Review,
now publishers, vol. 2(1), pages 049-099, July.
- Charles W. Calomiris & Stanley D. Longhofer & William Miles, 2012. "The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares," NBER Working Papers 17740, National Bureau of Economic Research, Inc.
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