Name: Gauging the Influence of House-Price Expectations on Marginal Propensity to Consume Heterogeneity (en Inglés)
SKU: 59797461
Price: 1069.31 MXN
Availability: InStock
Author: Quintana, Jorge
ISBN: 9789999313506

portada Gauging the Influence of House-Price Expectations on Marginal Propensity to Consume Heterogeneity (en Inglés)

Gauging the Influence of House-Price Expectations on Marginal Propensity to Consume Heterogeneity (en Inglés)

Formato

Libro Físico

Autor

Jorge Quintana

Editorial

Eliva Press

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

22.9x15.2x0.5 cm

Peso

0.14 kg.

ISBN13

9789999313506

Categorías

Papelería, artículos de escritorio

Gauging the Influence of House-Price Expectations on Marginal Propensity to Consume Heterogeneity (en Inglés)

Jorge Quintana (Autor) · Eliva Press · Tapa Blanda

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Reseña del libro "Gauging the Influence of House-Price Expectations on Marginal Propensity to Consume Heterogeneity (en Inglés)"

This study identifies a new determinant of household marginal propensities to consume (MPC): house-price growth expectations. We exploit a detailed and representative data set of Dutch households that allows us to link housing and savings decisions with house-price growth expectations and monetary policy shocks. We document a positive empirical relationship between expected house-price growth and the propensity of households to move-both unconditionally and in response to monetary policy shocks. We explain this pattern using a structural life-cycle model of consumption and savings that features mortgage-financed owned- and rental-housing, and where households have subjective beliefs about future house prices. Due to the housing capital gains channel, households with higher expectations have a higher likelihood of moving. This in turn, leads to higher average and more heterogeneous MPCs, as housing is complementary to non-durable consumption. These results carry over to the rebate coefficients (RC) from government stimulus transfers. Low-expectation households tend to have low and insensitive RCs, while high-expectation households exhibit higher and more dispersed RCs, both per stimulus package and across stimulus sizes.