Consumption and housing net worth: Cross-country evidence

David Cronin; Kieran McQuinn

doi:10.1016/j.econlet.2021.110140

Consumption and housing net worth: Cross-country evidence

David Cronin
, Kieran McQuinn

Central Bank of Ireland
Economic and Social Research Institute

Research output: Contribution to journal › Article › peer-review

Abstract

Using a 22-country OECD panel from 1996 to 2017, we examine the extent to which the housing net worth channel affects personal consumption internationally during a period of considerable variation in house prices and credit provision. We identify an asymmetrical response where declines in housing net worth have a much greater impact on consumption than arises for positive changes in net worth.

Original language	English
Article number	110140
Journal	Economics Letters
Volume	209
DOIs	https://doi.org/10.1016/j.econlet.2021.110140
Publication status	Published - Dec 2021
Externally published	Yes

Keywords

Consumption
House prices
Housing net worth

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10.1016/j.econlet.2021.110140

Cite this

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title = "Consumption and housing net worth: Cross-country evidence",

abstract = "Using a 22-country OECD panel from 1996 to 2017, we examine the extent to which the housing net worth channel affects personal consumption internationally during a period of considerable variation in house prices and credit provision. We identify an asymmetrical response where declines in housing net worth have a much greater impact on consumption than arises for positive changes in net worth.",

keywords = "Consumption, House prices, Housing net worth",

author = "David Cronin and Kieran McQuinn",

note = "Publisher Copyright: {\textcopyright} 2021 Elsevier B.V.",

year = "2021",

month = dec,

doi = "10.1016/j.econlet.2021.110140",

language = "English",

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T1 - Consumption and housing net worth

T2 - Cross-country evidence

AU - Cronin, David

AU - McQuinn, Kieran

PY - 2021/12

Y1 - 2021/12

N2 - Using a 22-country OECD panel from 1996 to 2017, we examine the extent to which the housing net worth channel affects personal consumption internationally during a period of considerable variation in house prices and credit provision. We identify an asymmetrical response where declines in housing net worth have a much greater impact on consumption than arises for positive changes in net worth.

AB - Using a 22-country OECD panel from 1996 to 2017, we examine the extent to which the housing net worth channel affects personal consumption internationally during a period of considerable variation in house prices and credit provision. We identify an asymmetrical response where declines in housing net worth have a much greater impact on consumption than arises for positive changes in net worth.

KW - Consumption

KW - House prices

KW - Housing net worth

UR - https://www.scopus.com/pages/publications/85118530869

U2 - 10.1016/j.econlet.2021.110140

DO - 10.1016/j.econlet.2021.110140

M3 - Article

AN - SCOPUS:85118530869

SN - 0165-1765

VL - 209

JO - Economics Letters

JF - Economics Letters

M1 - 110140

ER -

Consumption and housing net worth: Cross-country evidence

Abstract

Keywords

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