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Wealth effects or economic barometer: why do house prices matter for psychological health?

Ratcliffe, A. (2012) Wealth effects or economic barometer: why do house prices matter for psychological health? Working Paper. Department of Economics, University of Sheffield ISSN 1749-8368

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Abstract

This paper investigates whether house prices are linked to mental health outcomes, and whether this association arises through wealth effects or whether third factors such as area amenities or economic conditions drive both house prices and psychological health. These alternative explanations have contrasting implications for the effect of house prices on the well-being of homeowners and non-homeowners, which are exploited in the empirical analysis. I document a positive association between house prices and the mental health of homeowners and non-homeowners, which is not consistent with wealth effects. Further analysis indicates that house prices matter via a role as an economic barometer.

Item Type: Monograph (Working Paper)
Copyright, Publisher and Additional Information: The Sheffield Economics Research Paper (SERP) series offers a forum for the research output of the academic staff and research students of the Department of Economics, University of Sheffield. Papers are reviewed for quality and presentation by a departmental editor. However, the contents and opinions expressed remain the responsibility of the authors. All papers may be downloaded free on the understanding that the contents are preliminary and therefore permission from the author(s) should be sought before they are referenced.
Keywords: Psychological health; house prices; wealth; economic conditions;
Institution: The University of Sheffield
Academic Units: The University of Sheffield > Faculty of Social Sciences (Sheffield) > Department of Economics (Sheffield) > Sheffield Economics Research Papers Series
Depositing User: Miss Anthea Tucker
Date Deposited: 03 Jul 2012 08:48
Last Modified: 05 Jun 2014 06:03
Published Version: http://www.shef.ac.uk/economics/research/serps/yea...
Status: Published
Publisher: Department of Economics, University of Sheffield
Identification Number: 2012014
URI: http://eprints.whiterose.ac.uk/id/eprint/74395

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