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|Title: ||Can the consumption-wealth ratio predict housing returns? Evidence from OECD countries|
|Authors: ||Caporale, Guglielmo Maria|
Sousa, Ricardo M.
Wohar, Mark E.
|Issue Date: ||2016|
|Publisher: ||© American Real Estate and Urban Economics Association. Published by Wiley|
|Citation: ||CAPORALE, G.M., SOUSA, R.M. and WOHAR, M.E., 2016. Can the consumption-wealth ratio predict housing returns? Evidence from OECD countries. Real Estate Economics, In Press.|
|Abstract: ||©2016 American Real Estate and Urban Economics Association We use a representative consumer model to analyze the relation between the transitory deviations of consumption from its common trend with aggregate wealth and labor income, cay, and the housing risk premium. The evidence based on data for 15 OECD countries shows that, if financial and housing assets are seen as complements, investors will temporarily allow consumption to rise when they expect a rise in future housing returns. By contrast, if housing assets are treated as substitutes for financial assets, consumption will be reduced.|
|Description: ||This paper is in closed access until 1st February 2018.|
|Version: ||Accepted for publication|
|Publisher Link: ||http://dx.doi.org/10.1111/1540-6229.12135|
|Appears in Collections:||Closed Access (Business School)|
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