Cargando…
Housing wealth appreciation and heterogeneous household consumption: Evidence from China
In this paper, we develop a DSGE model including heterogeneous households, introduce the financial friction of credit constraint mechanism, and study the impact of house price shocks on the consumption of heterogeneous household. Based on this, the CHFS data in 2011, 2013, 2015, 2017, and 2019 were...
Autores principales: | , , , |
---|---|
Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Public Library of Science
2023
|
Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10553299/ https://www.ncbi.nlm.nih.gov/pubmed/37796903 http://dx.doi.org/10.1371/journal.pone.0289712 |
_version_ | 1785116136527888384 |
---|---|
author | Qi, Yingying Yu, Guohua Liu, Xiang Ren, Yuanming |
author_facet | Qi, Yingying Yu, Guohua Liu, Xiang Ren, Yuanming |
author_sort | Qi, Yingying |
collection | PubMed |
description | In this paper, we develop a DSGE model including heterogeneous households, introduce the financial friction of credit constraint mechanism, and study the impact of house price shocks on the consumption of heterogeneous household. Based on this, the CHFS data in 2011, 2013, 2015, 2017, and 2019 were used to test the marginal propensity to consume for housing wealth appreciation under different credit constraints. Results show that: Firstly, the financial accelerator mechanism plays an important role in the transmission of housing price shocks to household consumption. The looser the degree of credit constraints, the more obvious the rise in housing prices will be to the consumption expenditure of borrowing household. Secondly, the impact of housing wealth appreciation on household consumption under different credit constraints is heterogeneous. Among them, housing wealth appreciation has a significant positive impact on household consumption expenditure with multiple houses, credit cards, non-loan restrictions, while the marginal effect on the consumption expenditure of households with only one house, loan limited, and no credit cards decreases. Thirdly, for every 1% increase in the housing wealth appreciation, household consumption will increase significantly by 0.10–0.14%. |
format | Online Article Text |
id | pubmed-10553299 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2023 |
publisher | Public Library of Science |
record_format | MEDLINE/PubMed |
spelling | pubmed-105532992023-10-06 Housing wealth appreciation and heterogeneous household consumption: Evidence from China Qi, Yingying Yu, Guohua Liu, Xiang Ren, Yuanming PLoS One Research Article In this paper, we develop a DSGE model including heterogeneous households, introduce the financial friction of credit constraint mechanism, and study the impact of house price shocks on the consumption of heterogeneous household. Based on this, the CHFS data in 2011, 2013, 2015, 2017, and 2019 were used to test the marginal propensity to consume for housing wealth appreciation under different credit constraints. Results show that: Firstly, the financial accelerator mechanism plays an important role in the transmission of housing price shocks to household consumption. The looser the degree of credit constraints, the more obvious the rise in housing prices will be to the consumption expenditure of borrowing household. Secondly, the impact of housing wealth appreciation on household consumption under different credit constraints is heterogeneous. Among them, housing wealth appreciation has a significant positive impact on household consumption expenditure with multiple houses, credit cards, non-loan restrictions, while the marginal effect on the consumption expenditure of households with only one house, loan limited, and no credit cards decreases. Thirdly, for every 1% increase in the housing wealth appreciation, household consumption will increase significantly by 0.10–0.14%. Public Library of Science 2023-10-05 /pmc/articles/PMC10553299/ /pubmed/37796903 http://dx.doi.org/10.1371/journal.pone.0289712 Text en © 2023 Qi et al https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. |
spellingShingle | Research Article Qi, Yingying Yu, Guohua Liu, Xiang Ren, Yuanming Housing wealth appreciation and heterogeneous household consumption: Evidence from China |
title | Housing wealth appreciation and heterogeneous household consumption: Evidence from China |
title_full | Housing wealth appreciation and heterogeneous household consumption: Evidence from China |
title_fullStr | Housing wealth appreciation and heterogeneous household consumption: Evidence from China |
title_full_unstemmed | Housing wealth appreciation and heterogeneous household consumption: Evidence from China |
title_short | Housing wealth appreciation and heterogeneous household consumption: Evidence from China |
title_sort | housing wealth appreciation and heterogeneous household consumption: evidence from china |
topic | Research Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10553299/ https://www.ncbi.nlm.nih.gov/pubmed/37796903 http://dx.doi.org/10.1371/journal.pone.0289712 |
work_keys_str_mv | AT qiyingying housingwealthappreciationandheterogeneoushouseholdconsumptionevidencefromchina AT yuguohua housingwealthappreciationandheterogeneoushouseholdconsumptionevidencefromchina AT liuxiang housingwealthappreciationandheterogeneoushouseholdconsumptionevidencefromchina AT renyuanming housingwealthappreciationandheterogeneoushouseholdconsumptionevidencefromchina |