打印

作者

来源

REAL ESTATE ECONOMICS,Vol.45,Issue2,P.478-513

语言

英文

关键字

MICRO DATA; CONSUMPTION; CONSTRAINTS; MOBILITY; EQUITY; STATES; INCOME

作者单位

[McCarthy, Yvonne] Cent Bank Ireland, Financial Stabil Dept, North Wall Quay,POB 11517, Dublin 1, Ireland. [McQuinn, Kieran] ESRI, Whitaker Sq, Dublin 2, Ireland. McCarthy, Y (reprint author), Cent Bank Ireland, Financial Stabil Dept, North Wall Quay,POB 11517, Dublin 1, Ireland. E-Mail: yvonne.mccarthy@centralbank.ie; kieran.mcquinn@esri.ie

摘要

Using a unique combination of regulatory and survey microdata, we examine the importance of the life cycle theory of consumption in estimating housing wealth effects for the Irish mortgage market. Since the recent financial crisis, this market has experienced substantial house price declines and negative equity. Thus, house price expectations are likely to be important in influencing housing wealth effects. We find a positive correlation between consumption and changes in housing wealth among our sample of mortgaged Irish households. Furthermore, we find that this positive association only exists when housing wealth changes are perceived to be of a permanent nature.