000			01371nam a22001577a 4500
999			_c522284 _d522284
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100			_aGraham, James and Makridis, Christos A. _939147
245			_aHouse prices and consumption: A new instrumental variables approach
260			_aAmerican Economic Journal: Macroeconomics
300			_a15(1), Jan, 2023: p.411-443
520			_aWe 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			_aConsumer Economics, Empirical Analysis, Macroeconomics, Consumption; Saving; Wealth, Household Finance, Household Saving, Borrowing, Debt, Wealth _939148
773			_aAmerican Economic Journal: Macroeconomics
906			_aCONSUMER ECONOMICS
942			_cAR