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- (241119) House prices, housing wealth and household wellbeing - evidence from Australia
- 작성일
- 2024.11.13
- 작성자
- 경제연구소
- 게시글 내용
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안녕하세요. 경제연구소에서 다음과 같은 주제로 특강 및 세미나를 개최합니다.
발표자: Rebecca Edwards (University of Sydney).
주제: House prices, housing wealth and household wellbeing - evidence from Australia
장소: 대우관 본관 3층 323호 (송하경홀)
날짜: 11월 19일 화요일 오후 2시 00분 ~ 오후 3시 30분
자세한 내용은 아래를 확인해주시면 되겠습니다.
교수님들의 많은 참석을 부탁드리며 대학원생들이 참여할 수 있도록 적극 권유해 주시면 감사하겠습니다.
Abstract
House price variation strongly affects households’ housing wealth and debt. A more recent literature looks beyond the impacts on consumption to study the broader effects on household outcomes. Our work has examined the consequences of these changes in housing wealth on perceived financial well-being, physical and mental health as well as labour supply and time use. To study these effects we exploit plausibly exogenous spatial and temporal variation in house prices in Australia, paired with rich longitudinal survey data. We find that unexpected increases in house prices improve the perceived financial well-being of home owners. Theory suggests the impacts will vary by housing tenure status and indeed we find that the impact is strongest for mortgaged home owners, suggesting a strong collateral effect. Likewise, an increase in local house prices is associated with a positive effect on the physical health of outright owners and a negative effect on the physical and mental health of renters. Our research highlights some of the often-overlooked social impacts - both positive and negative - of fluctuations in the housing market.