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The housing market and consumer spending

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  • Alan Carruth
  • Andrew Henley

Abstract

This paper provides estimates of the effect of activity in the housing market on aggregate consumer spending and indirectly on personal saving behaviour. During the last three years consumer spending has grown very rapidly, and the dramatic fall in the savings rate has been given widespread attention. It has been apparent that the main macro-economic forecasting groups failed to predict the boom in spending (see Whitley (1989) and Carruth and Henley (1990)). Moreover, the popular consumption function specifications, based on Davidson, Hendry, Srba and Yeo (1978), are no longer acceptable in the sense of Hendry (1983), as they fail parameter constancy tests for the period since 1985 (see Curry, Holly and Scott (1989a and 1989b) and Carruth and Henley (1990)).

Suggested Citation

  • Alan Carruth & Andrew Henley, 1990. "The housing market and consumer spending," Fiscal Studies, Institute for Fiscal Studies, vol. 11(3), pages 27-38, August.
    • Handle: RePEc:ifs:fistud:v:11:y:1990:i:3:p:27-38
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    Cited by:

    1. Charles Grant & Tuomas Peltonen, 2005. "Housing and Equity Wealth Effects of Italian Households," DNB Working Papers 043, Netherlands Central Bank, Research Department.
    2. Alan Carruth & Andrew Dickerson, 2003. "An asymmetric error correction model of UK consumer spending," Applied Economics, Taylor & Francis Journals, vol. 35(6), pages 619-630.
    3. C Hamnett, 1997. "A Stroke of the Chancellor's Pen: The Social and Regional Impact of the Conservatives' 1988 Higher Rate Tax Cuts," Environment and Planning A, , vol. 29(1), pages 129-147, January.
    4. Jacinta C. Nwachukwu, 2017. "Tenure and Spending Within UK Households at the End of the Recent Recession," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 133(3), pages 1075-1104, September.
    5. James T. Strong & Gokce Soydemir & Panagiotis Petratos, 2019. "Asymmetric Impact of Advertising revenues on Consumer Behavior: A Bivariate Approach," Central European Business Review, Prague University of Economics and Business, vol. 2019(2), pages 1-14.

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