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Please use this identifier to cite or link to this item: https://dspace.lboro.ac.uk/2134/26061

Title: Can the consumption-wealth ratio predict housing returns? Evidence from OECD countries
Authors: Caporale, Guglielmo Maria
Sousa, Ricardo M.
Wohar, Mark E.
Keywords: Consumption
Wealth
Stock returns
Housing returns
OECD countries
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
DOI: 10.1111/1540-6229.12135
URI: https://dspace.lboro.ac.uk/2134/26061
Publisher Link: http://dx.doi.org/10.1111/1540-6229.12135
ISSN: 1080-8620
Appears in Collections:Closed Access (Business School)

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