Please use this identifier to cite or link to this item: http://buratest.brunel.ac.uk/handle/2438/10361
Title: Can the consumption-wealth ratio predict housing returns? Evidence from OECD countries
Authors: Caporale, GM
Sousa, RM
Wohar, ME
Keywords: Consumption;Wealth;Stock returns;Housing returns;OECD countries
Issue Date: 2015
Publisher: John Wiley & Sons
Citation: Real Estate Economics, 2015
Abstract: We use a representative consumer model to analyse the relation between the transitory deviations of consumption from its common trend with aggregate wealth and labour income, cay, and the housing risk premium. The evidence based on data for 15 OECD countries shows that, if financial and housing assets are seen as complements, investors will temporarily allow consumption to rise when they expect a rise in future housing returns. By contrast, if housing assets are treated as substitutes for financial assets, consumption will be reduced.
URI: http://bura.brunel.ac.uk/handle/2438/10361
ISSN: 1540-6229
Appears in Collections:Dept of Economics and Finance Research Papers

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