$\require{mediawiki-texvc}$
  • 검색어에 아래의 연산자를 사용하시면 더 정확한 검색결과를 얻을 수 있습니다.
  • 검색연산자
검색연산자 기능 검색시 예
() 우선순위가 가장 높은 연산자 예1) (나노 (기계 | machine))
공백 두 개의 검색어(식)을 모두 포함하고 있는 문서 검색 예1) (나노 기계)
예2) 나노 장영실
| 두 개의 검색어(식) 중 하나 이상 포함하고 있는 문서 검색 예1) (줄기세포 | 면역)
예2) 줄기세포 | 장영실
! NOT 이후에 있는 검색어가 포함된 문서는 제외 예1) (황금 !백금)
예2) !image
* 검색어의 *란에 0개 이상의 임의의 문자가 포함된 문서 검색 예) semi*
"" 따옴표 내의 구문과 완전히 일치하는 문서만 검색 예) "Transform and Quantization"
쳇봇 이모티콘
안녕하세요!
ScienceON 챗봇입니다.
궁금한 것은 저에게 물어봐주세요.

논문 상세정보

Housing and Consumption: Focus on the Elasticity of Intra-temporal Substitution

Housing and Consumption: Focus on the Elasticity of Intra-temporal Substitution

주택연구 v.21 no.2 , 2013년, pp.247 - 270  
송인호
초록

Studies to define the relationship between housing and macroeconomics along with financial crisis have never been more active than in the recent years. One of the most popular studies is to analyze the mechanism of house prices in relation to the financial market and macro-economy. In particular, the elasticity of intra-temporal substitution (EIS) between housing and consumption, together with the inter-temporal elasticity of substitution (IES), is essential in identifying the effect of house prices on macroeconomic variables. Preceding studies so far have their models mainly focused on the EIS between durable and non-durable goods consumption, but paid less attention to the EIS between housing and consumption. This paper is designed to estimate the EIS between the two series through the Bayesian estimation method by using Korean macro-data, which is a new approach. First, I develop a constant elasticity of substitution (CES) utility function and define consumers’ utility maximization problems with housing as collateral. Then I derive an empirical estimation model by linearizing the first-order conditions and Euler equation. Finally, the result shows the estimate of the EIS, 0.39, implying that housing and consumption are complements. This finding helps construct a macroeconomic housing model which better fits the data, generating the co-movement between housing and consumption. Accordingly, macroeconomic models with complementarity between housing and consumption provide the full-scale of studies as to the role of houses in macroeconomic conditions. To the extent to which housing and consumption are complements, the two series tend to move together. For robustness check, the Canonical Cointegration Regression (CCR) estimation is conducted. The result is also consistent with complementarity between housing and consumption.

참고문헌 (0)

  1. 이 논문의 참고문헌 없음

이 논문을 인용한 문헌 (0)

  1. 이 논문을 인용한 문헌 없음

원문보기

원문 PDF 다운로드

  • KCI :

원문 URL 링크

  • 원문 URL 링크 정보가 존재하지 않습니다.
상세조회 0건 원문조회 0건

DOI 인용 스타일