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Is Religion an Inferior Good? Evidence from Fluctuations in Housing Wealth

Author

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  • Laeven, Luc
  • Popov, Alexander
  • Sievert, Clara

Abstract

An increase in local house prices in the US is associated with a decline in time spent on religious activities for homeowners relative to renters. This effect is not present for volunteering and civic activities. The decline in religious activities is stronger for credit constrained households. The main result is driven by a wealth effect, whereby activities that have an inferior-good component decline with housing wealth, and by a substitution effect whereby the attractiveness of activities linked to the residential asset increases during housing booms.

Suggested Citation

  • Laeven, Luc & Popov, Alexander & Sievert, Clara, 2023. "Is Religion an Inferior Good? Evidence from Fluctuations in Housing Wealth," CEPR Discussion Papers 18671, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18671
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    More about this item

    Keywords

    Home ownership;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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