RDP 2013-04: Home Prices and Household Spending Appendix C: Regression Output – Wealth Effects

Table C1: Household-level Wealth Effects – Panels One and Two
Model 1 Model 2 Model 3 Model 4
No of adults 0.106***
(4.33) 		0.123***
(5.05) 		0.139***
(6.00) 		0.113***
(4.64)
No of children
(aged 0–14) 		0.104***
(5.87) 		0.125***
(7.31) 		0.135***
(8.41) 		0.126***
(7.19)
Dummy:
more than 2 adults 		0.106***
(3.12) 		0.116***
(3.40) 		0.114***
(3.56) 		0.095***
(2.85)
ln(HHDYit) 0.013**
(2.44) 		0.014***
(2.59) 		0.010**
(2.03) 		0.011***
(2.63)
ln(FAit) 0.016*
(1.82) 		0.016*
(1.86) 		0.012
(1.52) 		0.009
(1.18)
ln(HPit) × young 0.285***
(4.85) 		     
ln(HPit) × middle 0.085**
(2.30) 		     
ln(HPit) × old −0.052
(−1.62) 		     
Inline Equation × young   0.197***
(3.56) 		0.174***
(3.19) 		 
Inline Equation × middle   0.006
(0.15) 		0.020
(0.59) 		 
Inline Equation × old   −0.052*
(−1.70) 		−0.036
(−1.25) 		 
ln(HPit) × young × renter
(aggregate prices) 		      −0.112
(−0.68)
ln(HPit) × young × owner
(aggregate prices) 		      0.432***
(4.39)
ln(HPit) × middle × renter
(aggregate prices) 		      −0.513***
(−3.32)
ln(HPit) × middle × owner
(aggregate prices) 		      0.345***
(4.84)
ln(HPit) × old
(aggregate prices) 		      −0.125*
(−1.92)
Constant 9.379***
(28.78) 		9.769***
(69.74) 		9.705***
(72.50) 		9.275***
(14.08)
Obs 12,824 12,824 12,824 15,576
Within R2 0.021 0.019 0.017 0.026
Between R2 0.234 0.342 0.357 0.288
Overall R2 0.164 0.239 0.248 0.201

Notes: ***, ** and * indicate significance at the 1, 5 and 10 per cent level, respectively; t statistics in parentheses; dummies for year, labour force status and region omitted from table; robust standard errors clustered at the household level
Model 1 – dependent variable: ln(total spendingit)
Model 2 – dependent variable: ln(total spendingit)
Model 3 – dependent variable: ln(total spendingit) excluding durable items
Model 4 – dependent variable: ln(total spendingit)

Sources: APM; HILDA Release 10.0; authors' calculations
Table C2: Household-level Wealth Effects – Panel Three
Model 1 Model 2
No of adults 0.126***
(3.98) 		0.145***
(4.84)
No of children
(aged 0–14) 		0.129***
(4.99) 		0.138***
(5.75)
Dummy:
more than 2 adults 		0.134***
(3.32) 		0.124***
(3.33)
ln(HHDYit) 0.015**
(2.53) 		0.011*
(1.94)
ln(FAit) 0.019**
(2.43) 		0.016**
(2.29)
Inline Equation × young 0.186**
(2.27) 		0.129*
(1.66)
Inline Equation × middle 0.057
(1.28) 		0.077*
(1.86)
Inline Equation × old −0.061**
(−2.09) 		−0.043
(−1.60)
Constant 9.688***
(79.27) 		9.680***
(79.43)
Obs 9,416 9,416
Within R2 0.017 0.020
Between R2 0.408 0.414
Overall R2 0.286 0.300

Notes: ***, ** and * indicate significance at the 1, 5 and 10 per cent level, respectively; t statistics in parentheses; dummies for year and labour force status omitted from table; robust standard errors clustered at the household level
Model 1 – dependent variable: ln(total spendingit)
Model 2 – dependent variable: ln(total spendingit) excluding durable items

Sources: HILDA Release 10.0; authors' calculations