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DDC 339.47
C 11
Cáceres, Carlos,.
Analyzing the effects of financial and housing wealth on consumption using micro data / / by Carlos Caceres. - [Washington, D.C.] : : International Monetary Fund,, ©2019. - 1 online resource (33 pages). - (IMF Working Paper ; ; WP/19/115). - URL: https://library.dvfu.ru/lib/document/SK_ELIB/C3625C95-7F75-4D8A-993F-1A7F5A1D6EF0
. - ISBN 1498317227. - ISBN 9781498317221 (electronic bk.)
Online resource; title from PDF title page (IMF, viewed Sept. 3, 2020).
Параллельные издания: Print version: : Caceres, Carlos. Analyzing the Effects of Financial and Housing Wealth on Consumption Using Micro Data. - Washington, D.C. : International Monetary Fund, ©2019. - ISBN 9781498316477
Содержание:
Data and empirical methodology -- Macro-based evidence -- Micro-based evidence: main results.
Рубрики: Consumption (Economics)--United States.
Wealth--United States.
Consumption (Economics)
Wealth.
United States.
Аннотация: This paper analyzes the existence of 'wealth effects' derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID)?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.
Доп.точки доступа:
International Monetary Fund,