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作者

来源

JOURNAL OF HOUSING ECONOMICS,Vol.35,P.37-50

语言

英文

关键字

Housing markets; Homeownership; Wealth; Bequests; Older adults; SAVING BEHAVIOR; UNITED-STATES; TRANSFERS; HOME; MARKET; CONSUMPTION; CONSTRAINTS; INEQUALITY; OWNERSHIP; AVERSION

作者单位

[Begley, Jaclene] Ryerson Univ, Toronto, ON, Canada. [Begley, Jaclene] Ryerson Univ, Sch Urban & Reg Planning, Toronto, ON, Canada. Begley, J (reprint author), Ryerson Univ, Toronto, ON, Canada.; Begley, J (reprint author), Ryerson Univ, Sch Urban & Reg Planning, Toronto, ON, Canada. E-Mail: jmbegley@ryerson.ca

摘要

This paper examines the effect of housing price shocks during the recent housing boom and bust on the bequest behavior of older homeowners. Prior studies find that illiquid assets have a strong expected influence on bequests, which suggests volatile housing markets will alter household bequest expectations, particularly since housing is generally the largest share of household wealth. I calculate shocks to housing wealth as the deviation in values from their growth trend over the last three years, and I exploit the geographic variation in housing market volatility to explore the relationship between housing value shocks and bequest expectations over the housing boom and bust. I find that housing price shocks, and especially negative shocks, have a consistent influence on bequest expectations for homeowners, particularly for older homeowners, and for those without stocks. A complementary analysis of elasticities also reveals a larger influence of housing values on bequests than other forms of wealth. (C) 2017 Elsevier Inc. All rights reserved.