| 000 -LEADER |
|---|
| fixed length control field |
01371nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
230328b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Graham, James and Makridis, Christos A. |
| 245 ## - TITLE STATEMENT |
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| Title |
House prices and consumption: A new instrumental variables approach |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
American Economic Journal: Macroeconomics |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
15(1), Jan, 2023: p.411-443 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
We introduce a novel Bartik-like instrument for house prices consisting of the local composition of housing characteristics interacted with aggregate changes in the marginal prices of these characteristics. Using household-level panel data, we estimate elasticities of nondurable consumption expenditures with respect to house prices of around 0.1. These consumption effects are concentrated among the young and those most likely to be facing tight borrowing constraints. A decomposition shows that identifying variation in the instrument is associated with times and locations where house prices have varied the most: during the housing bust of the mid-2000s and in the western United States. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Consumer Economics, Empirical Analysis, Macroeconomics, Consumption; Saving; Wealth, Household Finance, Household Saving, Borrowing, Debt, Wealth |
| 9 (RLIN) |
39148 |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
American Economic Journal: Macroeconomics |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
CONSUMER ECONOMICS |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
