HOUSING WEALTH AND U.S. MONEY DEMAND: A PANEL ESTIMATION.
This article estimates a panel model for U.S. money demand using annual state-level data for the period from 1977 to 2008. We incorporate housing wealth in the demand-for-money function and find strong evidence of a relationship between a broad monetary aggregate and housing wealth. This finding is...
| Publicado en: | Contemporary Economic Policy Vol. 29; no. 3; pp. 382 - 392 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Jul2011
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=61811413&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 61811413 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 10743529 CEY jtl: Contemporary Economic Policy issn: 10743529 maglogo: Y pubinfo: dt: Jul2011 vid: 29 iid: 3 pid: 480 pub: Wiley-Blackwell artinfo: ui: 61811413 10.1111/j.1465-7287.2010.00225.x ppf: 382 ppct: 10 formats: fmt: @attributes: type: P size: 529KB tig: atl: HOUSING WEALTH AND U.S. MONEY DEMAND: A PANEL ESTIMATION. aug: au: ARNOLD, IVO J. M. ROELANDS, SEBASTIAN affil: Arnold: Professor of Economics, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR Rotterdam, The Netherlands; Nyenrode Business Universiteit, Straatweg 25, 3621 BG, Breukelen, The Netherlands. Phone +31 (0)10 4081254, Fax +31 (0)10 4089161, E-mail Roelands: PhD student, Department of Economics and Econometrics, University of Notre Dame, 434 Flanner Hall, Notre Dame, IN 46556, USA. E-mail su: United States Money supply Business cycles Housing finance Demand for money Home prices Real estate business sug: subj: Money supply Business cycles Housing finance United States Other Community Housing Services Other Activities Related to Real Estate Offices of Real Estate Agents and Brokers Lessors of Residential Buildings and Dwellings Offices of real estate brokers Demand for money Home prices Real estate business ab: This article estimates a panel model for U.S. money demand using annual state-level data for the period from 1977 to 2008. We incorporate housing wealth in the demand-for-money function and find strong evidence of a relationship between a broad monetary aggregate and housing wealth. This finding is robust to the inclusion of variables measuring financial heterogeneity across U.S. regions. Breaking up the sample in two subperiods shows that panel estimates including housing wealth yield more stable coefficients than both time-series estimates and panel estimates excluding housing wealth. We also show that the link between money and housing wealth predates the recent boom-and-bust cycle. ( JEL E41, E52) pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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