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Identifier to cite or link to this item: https://hdl.handle.net/10086/28840

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Title
Housing Wealth Effects in Japan: Evidence Based on Household Micro Data
Creator
Creator Name
Hori, Masahiro Hori, Masahiro
Affiliation
Affiliation Name
Cabinet Office
Creator Name
Niizeki, Takeshi Niizeki, Takeshi
Affiliation
Affiliation Name
Cabinet Office
Affiliation
Affiliation Name
Ehime University
Key Word
Housing wealth
household consumption
life cycle/permanent income hypothesis
JEL
D12
D31
E21
Abstract
Using micro data covering almost 500,000 Japanese households over the period 1983−2012, this paper examines to what extent household consumption responds to changes in housing wealth. Instead of employing self-reported or regionally averaged values of housing wealth, we directly estimate the housing wealth of individual households by matching several official statistics, providing an ideal setting to identify housing wealth effects on consumption. Employing cross-section and pseudo-panel based regressions, we find that the marginal propensity to consume (MPC) out of housing wealth is approximately 0.0008−0.0013 for nondurable consumption and 0.0059−0.0082 for total consumption. We further find that the consumption response of older households is larger than that of younger households, which is consistent with the pure wealth effects hypothesis.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2017-09
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
HIT-REFINED Working Paper Series ; No. 69
Number of Pages
31
Sponsorship
基盤研究(S) = Grants-in-Aid for Scientific Research (S)
Appears in Collections
Working Paper Series / Real Estate Markets, Financial Crisis, and Economic Growth An Integrated Economic Approach
URL
https://hdl.handle.net/10086/28840