. 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 4:

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

	Always HO (i)	No Unemp (ii)	Same State (iii)

Δln(Housing Wealth)_{Non–Recession}	−0.022 (0.040)	−0.052 (0.042)	−0.007 (0.043)
Δln(Housing Wealth)_Recession	0.361** (0.157)	0.379** (0.158)	0.332** (0.156)

Implied Marginal Propensity to Consume

MPC_{Non–Recession}	−0.005 (0.009)	−0.011 (0.008)	−0.001 (0.010)
MPC_Recession	0.060*** (0.022)	0.058** (0.025)	0.056** (0.023)

N	7,869	8,670	7,730

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. Set of regressors as in column (ii) of Table 3.