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作者

Guglielmo Maria Caporale;Ricardo M. Sousa;Mark E. Wohar

来源

REAL ESTATE ECONOMICS,Vol.47,Issue4,P.935-976

语言

英文

关键字

作者单位

Department of Economics and Finance, Brunel University London;Department of Economics and Economic Policies Research Unit (NIPE), University of Minho and LSE Alumni Association, London School of Economics and Political Science;College of Business Administration, University of Nebraska at Omaha and Department of Economics, Loughborough University

摘要

We use a representative consumer model to analyze the relation between the transitory deviations of consumption from its common trend with aggregate wealth and labor income, cay, and the housing risk premium. The evidence based on data for 15 OECD countries shows that, if financial and housing assets are seen as complements, investors will temporarily allow consumption to rise when they expect a rise in future housing returns. By contrast, if housing assets are treated as substitutes for financial assets, consumption will be reduced.