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Aggregate Supply and Demand, the Price Level

C/E/294. House prices and aggregate consumption: evidence from UK

WORDS:
8600
DATE:
2008
PRICE:
89.99 GBP

The paper examines the impact of the house prices fluctuation in the UK on the aggregate consumption. The UK housing market is characterised from the perspective of housing supply, demand, and financial liberalisation of the mortgage. The past and present trends in housing prices are described, the theories of consumption are reviewed including Keynesian theory, Life Cycle Hypothesis (LCH), Permanent Income Hypothesis (PIH), etc. It is argued whether an increase in the housing prices may stimulate consumption decisions. Forecasts are made about the housing prices and their impact on aggregate consumption.

 

KEYWORDS: Housing price, aggregate consumption, wealth, disposable income, mortgage,

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