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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.54,Issue2,P.216-236

语言

英文

关键字

Housing wealth; Financial wealth; Consumer confidence; Consumption expenditure; STOCK-MARKET WEALTH; REAL-ESTATE; MICRO DATA; UNIT-ROOT; SENTIMENT; PRICES; EXPECTATIONS; HYPOTHESIS; ECONOMIES; TESTS

作者单位

[Fereidouni, Hassan Gholipour; Tajaddini, Reza] Swinburne Univ Technol, Swinburne Business Sch, Dept Accounting Econ & Finance, Melbourne, Vic 3122, Australia. Fereidouni, HG (reprint author), Swinburne Univ Technol, Swinburne Business Sch, Dept Accounting Econ & Finance, Melbourne, Vic 3122, Australia. E-Mail: hgholipour@swin.edu.au; rtajaddini@swin.edu.au

摘要

The objective of this paper is to examine the role of consumer confidence on the relationship between two forms of wealth-housing and financial-and four categories of consumption expenditure, which include total consumption, service, durable goods and nondurable goods consumption. This paper uses U.S. quarterly data from 1978 to 2012 for its analysis. Applying the FMOLS estimation method, the results show that consumer confidence has a positive effect on the association between housing wealth and consumption expenditure, whereas its effect on the association between financial wealth and consumption expenditure is negative. The implications of these results are discussed.