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Consumer Durables Spending and Housing Market Activity

Author

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  • Carruth, Alan
  • Henley, Andrew

Abstract

Recent British experience suggests important relationships between housing market activity and consumer durables spending. This paper examines direct and indirect relationships; the former through the complementarity of housing and durable goods, the latter through housing equity withdrawal effects. Aggregate U.K. time-series econometric evidence is presented that finds significant evidence for both effects. An estimate of the elasticity of durables spending with respect to house prices of 0.4 is obtained for 1988. The authors conclude that this is further evidence of the important role of the housing market in the U.K. macroeconomy. Copyright 1992 by Scottish Economic Society.

Suggested Citation

  • Carruth, Alan & Henley, Andrew, 1992. "Consumer Durables Spending and Housing Market Activity," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(3), pages 261-271, August.
    • Handle: RePEc:bla:scotjp:v:39:y:1992:i:3:p:261-71
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    Cited by:

    1. Hasan, Mohammad S. & Taghavi, Majid, 2002. "Residential investment, macroeconomic activity and financial deregulation in the UK: an empirical investigation," Journal of Economics and Business, Elsevier, vol. 54(4), pages 447-462.
    2. Diana Kasparova & Michael White, 2001. "The Responsiveness Of House Prices To Macroeconomic Forces: A Cross-Countr Y Comparison," European Journal of Housing Policy, Taylor and Francis Journals, vol. 1(3), pages 385-416.
    3. Patterson, K. D., 1995. "Forecasting the final vintage of real personal disposable income: A state space approach," International Journal of Forecasting, Elsevier, vol. 11(3), pages 395-405, September.
    4. Faria, João Ricardo & Wang, Le & Wu, Zhongmin, 2012. "Debts on debts," The North American Journal of Economics and Finance, Elsevier, vol. 23(2), pages 203-219.
    5. Baghestani, Hamid, 2021. "Predicting growth in US durables spending using consumer durables-buying attitudes," Journal of Business Research, Elsevier, vol. 131(C), pages 327-336.

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