{"id":"https://openalex.org/W75722740","doi":null,"title":"CONSUMPTION-WEALTH RATIO AND HOUSING RETURNS","display_name":"CONSUMPTION-WEALTH RATIO AND HOUSING RETURNS","publication_year":2009,"publication_date":"2009-01-01","ids":{"openalex":"https://openalex.org/W75722740","mag":"75722740"},"language":"en","primary_location":{"id":"mag:75722740","doi":null,"is_oa":false,"landing_page_url":"https://www.banque-france.fr/uploads/tx_bdfdocumentstravail/DT264.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5045727306","display_name":"Simon Dubecq","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I201298700","display_name":"Banque de France","ror":"https://ror.org/0088v6m32","country_code":"FR","type":"other","lineage":["https://openalex.org/I201298700"]}],"countries":["FR"],"is_corresponding":false,"raw_author_name":"Simon Dubecq","raw_affiliation_strings":["Banque de france"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Banque de france","institution_ids":["https://openalex.org/I201298700"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5086610313","display_name":"Imen Ghattassi","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Imen Ghattassi","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.0131,"has_fulltext":false,"cited_by_count":6,"citation_normalized_percentile":{"value":0.89709354,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":93,"max":95},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6929000020027161,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6929000020027161,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.16410000622272491,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.039799999445676804,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/consumption-wealth-ratio","display_name":"consumption-wealth ratio","score":0.9789999723434448},{"id":"https://openalex.org/keywords/housing-returns","display_name":"housing returns","score":0.7459999918937683},{"id":"https://openalex.org/keywords/cointegration","display_name":"cointegration","score":0.7020000219345093},{"id":"https://openalex.org/keywords/financial-wealth","display_name":"financial wealth","score":0.6539999842643738},{"id":"https://openalex.org/keywords/housing-wealth","display_name":"housing wealth","score":0.9110000133514404},{"id":"https://openalex.org/keywords/human-wealth","display_name":"human wealth","score":0.9070000052452087},{"id":"https://openalex.org/keywords/permanent-and-transitory-shocks","display_name":"permanent and transitory shocks","score":0.7879999876022339},{"id":"https://openalex.org/keywords/structural-breaks","display_name":"structural breaks","score":0.8080000281333923},{"id":"https://openalex.org/keywords/asset-return-predictability","display_name":"asset return predictability","score":0.6710000038146973},{"id":"https://openalex.org/keywords/consumption-spending","display_name":"consumer consumption","score":0.37299999594688416}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7879663705825806},{"id":"https://openalex.org/C2780148112","wikidata":"https://www.wikidata.org/wiki/Q1432581","display_name":"Proxy (statistics)","level":2,"score":0.693266749382019},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.6770931482315063},{"id":"https://openalex.org/C145162277","wikidata":"https://www.wikidata.org/wiki/Q1751675","display_name":"Cointegration","level":2,"score":0.6416412591934204},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5380951762199402},{"id":"https://openalex.org/C177033891","wikidata":"https://www.wikidata.org/wiki/Q5164722","display_name":"Consumer spending","level":3,"score":0.4863618016242981},{"id":"https://openalex.org/C67829756","wikidata":"https://www.wikidata.org/wiki/Q1186690","display_name":"National wealth","level":2,"score":0.48032060265541077},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.4749225080013275},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4469965398311615},{"id":"https://openalex.org/C170204755","wikidata":"https://www.wikidata.org/wiki/Q7978029","display_name":"Wealth elasticity of demand","level":3,"score":0.4106249511241913},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.40076035261154175},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.23336410522460938},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.20837849378585815},{"id":"https://openalex.org/C195742910","wikidata":"https://www.wikidata.org/wiki/Q176494","display_name":"Recession","level":2,"score":0.1869828701019287},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:75722740","doi":null,"is_oa":false,"landing_page_url":"https://www.banque-france.fr/uploads/tx_bdfdocumentstravail/DT264.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":26,"referenced_works":["https://openalex.org/W1536176567","https://openalex.org/W1563730911","https://openalex.org/W1577326063","https://openalex.org/W1579496866","https://openalex.org/W1599970749","https://openalex.org/W1604054296","https://openalex.org/W1868365588","https://openalex.org/W1972956294","https://openalex.org/W2003750580","https://openalex.org/W2026416204","https://openalex.org/W2034707435","https://openalex.org/W2047654864","https://openalex.org/W2088057144","https://openalex.org/W2099750880","https://openalex.org/W2110002822","https://openalex.org/W2136518999","https://openalex.org/W2162142263","https://openalex.org/W2167762064","https://openalex.org/W3121790069","https://openalex.org/W3121999529","https://openalex.org/W3122726493","https://openalex.org/W3123322749","https://openalex.org/W3123500058","https://openalex.org/W3124117903","https://openalex.org/W3124871060","https://openalex.org/W3126119978"],"related_works":["https://openalex.org/W1714969555","https://openalex.org/W1574811920","https://openalex.org/W315830922","https://openalex.org/W2751433867","https://openalex.org/W2299919257","https://openalex.org/W2145032293","https://openalex.org/W1872967973","https://openalex.org/W3093338910","https://openalex.org/W2900794791","https://openalex.org/W1554800338"],"abstract_inverted_index":{"This":[0],"paper":[1],"shows,":[2],"from":[3,30],"the":[4,9,13,31,39,65,76,83,104,112,119,128,144,181,184,195,199,202],"consumer":[5],"budget":[6],"constraint,":[7],"that":[8,28,44,81,100,156],"consumption":[10,40,87],"spending":[11,88],"and":[12,22,27,52,89,115,190,209],"different":[14],"components":[15],"of":[16,64,67,85,133,147,160,183,197,201],"total":[17,124,137],"wealth,":[18],"i.e.":[19],"financial,":[20],"housing":[21,90,145,191,216],"human":[23],"wealths,":[24],"are":[25,139,173],"cointegrated":[26],"deviations":[29],"common":[32],"trend":[33,106],"cahy":[34,185],"is":[35,111,165],"a":[36,68,72,108,157],"proxy":[37,200],"for":[38],"\u2013":[41],"wealth":[42,91,114,138,148,164],"ratio":[43,204],"should":[45],"predict":[46,187],"expected":[47,188,206],"returns":[48,208],"on":[49,180],"financial":[50,113,151],"assets":[51],"housing.":[53],"Using":[54],"U.S":[55],"post\u2013war":[56],"data,":[57],"we":[58,79,154],"provide":[59],"empirical":[60,178],"evidence":[61],"in":[62,75,123,136,143,163,169,174,215],"favor":[63],"existence":[66],"cointegration":[69],"relationship":[70],"with":[71,167,176],"structural":[73],"break":[74],"mid-eighties.":[77],"Moreover,":[78],"show":[80],"until":[82,194],"beginning":[84,196],"2000,":[86,198],"were":[92],"dominated":[93],"by":[94],"permanent":[95],"shocks.":[96],"The":[97],"main":[98,120],"variable":[99],"adjusts":[101],"to":[102,141,186,211],"restore":[103],"long\u2013run":[105],"when":[107],"deviation":[109],"occurs":[110],"therefore":[116],"it":[117],"presents":[118],"transitory":[121,134,161],"variations":[122],"wealth.":[125,152],"However,":[126],"over":[127],"last":[129],"period":[130],"2000\u20132009,":[131],"most":[132],"shocks":[135],"associated":[140,166],"fluctuations":[142,214],"component":[146],"rather":[149],"than":[150],"Besides,":[153],"found":[155],"small":[158],"fraction":[159],"changes":[162],"movements":[168],"consumption.":[170],"These":[171],"conclusions":[172],"line":[175],"our":[177],"results":[179],"ability":[182],"asset":[189,207],"returns.":[192,217],"Indeed,":[193],"consumption\u2013wealth":[203],"predicts":[205],"fails":[210],"explain":[212],"future":[213]},"counts_by_year":[{"year":2019,"cited_by_count":2}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2016-06-24T00:00:00"}
