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       6.1 Age effects........................................................................... 29
       6.2 Tenure Effects.......................................................................32
       6.3 Financial Conditions.............................................................34
       6.4 Robustness to Cell Size Changes..........................................35
 
 7 Conclusion..........................................................................................37
8 Appendix.............................................................................................40
9 Reference............................................................................................42

 

2 Introduction 
 
  The recent house price boom and its subsequent collapse provide ample motivation for a better understanding of the relationship between house prices and consumption. The Drevalence of owner-occupation in the UK means that most households have significant housing assets，and changes in the value of these assets might be expected to affect Households' consumption behaviour．We consider the theoretical impact of house prices in a lifecycle framework，and discuss three mechanisms which might relate house prices and consumption：(i)wealth effects；(ii)collateral effects；and (iii)common causality. 
  The literature is reviewed，focussing on the recent debate between Campbell and Cocco (2007),who find that wealth effects are the primary cause of the relationship between house prices and consumption，and Attanasio，Blow，Hamilton，and Leicester(2009)，who find support for common causality through income expectations．Whilst the latter article has covered much of the ground we had hoped to consider, being published shortly before the completion of this work，it only covers the period to 2001/02．I extend this to 2007，thus capturing the effect of a further 65% rise in real house prices ．

Rerferences

[1] Attanasio, O., Blow, L., Hamilton, R., and Leicester, A. (2009) "Booms and Busts: Consumption, House Prices and Expectations." Economica 76: pp20-50.
[2] Attanasio, O., and Weber, G. (1994) "The UK Consumption Boom of the Late 1980s: Aggregate Implications of Microeconomic Evidence." Economic Journal 104, ppl269-1302.
[3] Bank of England (2004d) Inflation Report.
[4] Benito, A. (2009) "Who Withdraws Housing Equity and Why?" Economica, 76, pp51-70.
[5] Besley, T., Meads, N., and Surico, P. (2008) "Household External Finance and Consumption." External MPC Unit Discussion Papers 25.
[6] Blow, L., Leicester, A., and Oldf ield, Z. (2004) "Consumption Trends in the UK, 1975-99." Institute for Fiscal Studies.
[7] Bramley, G., Karley, N. K., and Watkins, D. (2006) "Local need and affordability model for * Scotland - Update (2005 based)." Communities Scotland Report 72: pp72-127.
[8] Browning, M., Deaton, A., and Irish, M. (1985) "A profitable approach to labour supply and commodity demands over the life cycle." Econometrica 53: pp503-544.
[9] Cameron, A. C. and Trivedi, P. K. (2009) Microeconometrics using Stata, Stata Press.
[ 10] Campbell, J. and Cocco, J. (2007) "How do house prices affect consumption? Evidence from micro data." Journal of Monetary Economics 54: pp591-621.
[11] Carroll, C. (2001) "A Theory of th本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。