. Author manuscript; available in PMC: 2020 Sep 25.

Published in final edited form as: Econ Inq. 2018 Dec 13;57(2):972–996. doi: 10.1111/ecin.12753

Table 3:

IV Regressions of Change in Log Spending on Change in Housing Wealth

	(i)	(ii)	(iii)

Δln(Housing Wealth)_{Non–Recession}	−0.036 (0.041)	−0.037 (0.041)	−0.016 (0.118)
Δln(Housing Wealth)_Recession	0.384** (0.157)	0.379** (0.157)	0.433** (0.209)

Implied Marginal Propensity to Consume

MPC_{Non–Recession}	−0.008 (0.009)	−0.008 (0.009)	−0.003 (0.027)
MPC_Recession	0.062*** (0.024)	0.061** (0.024)	0.073*** (0.021)

N	8,790	8,790	3,238

Standard errors clustered at the state level in parentheses. ***, ** and * indicate significance at the 1%, 5% and 10% level, respectively. In each survey wave we drop households with changes in log spending in the top 1% or bottom 1% of the sample. In column (i) regressors include age, education, change in marital status, change in household size, and change in health status. In addition, regressors in column (ii) include changes in total household income, work status and wealth other than housing; in column (iii) they also include changes in bequest and economic outlook expectations. Estimated coefficients for these variables are in Table C.1 in the Appendix.