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

Callan Windsor, Jarkko Jääskelä and Richard Finlay

April 2013 – ISSN 1320-7229 (Print), ISSN 1448-5109 (Online)

Table D1: Cohort-level Wealth Effects
Model 1 Model 2
Dummy:
more than 2 adults 		−0.150**
(−2.76) 		−0.136*
(−2.08)
No of adults 0.230***
(8.37) 		0.227***
(7.24)
No of children
(aged 0–14) 		0.080***
(6.22) 		0.089***
(4.76)
Dummy:
cohort 1 		0.398***
(11.08) 		0.327***
(8.66)
Dummy:
cohort 2 		0.458***
(12.97) 		0.423***
(13.96)
Dummy:
cohort 3 		0.500***
(14.54) 		0.498***
(17.65)
Dummy:
cohort 4 		0.500***
(13.50) 		0.518***
(15.92)
Dummy:
cohort 5 		0.488***
(14.93) 		0.499***
(18.90)
Dummy:
cohort 6 		0.400***
(14.46) 		0.402***
(15.32)
Dummy:
cohort 7 		0.497***
(28.10) 		0.495***
(25.87)
Dummy:
cohort 8 		0.438***
(34.02) 		0.423***
(33.40)
Dummy:
cohort 9 		0.362***
(43.40) 		0.364***
(54.19)
Dummy:
cohort 10 		0.238***
(38.90) 		0.220***
(36.28)
Dummy:
cohort 11 		0.142***
(39.96) 		0.140***
(31.51)
Education dummy:
postgraduate 		0.181***
(4.63) 		0.144***
(3.72)
Education dummy:
graduate 		0.140***
(5.42) 		0.165***
(4.24)
Education dummy:
bachelor 		0.147***
(6.27) 		0.148***
(6.08)
Education dummy:
diploma 		0.111***
(5.19) 		0.132***
(5.36)
Education dummy:
occ certificate 		0.061***
(4.02) 		0.051**
(2.26)
Education dummy:
Year 12 		0.024
(1.02) 		0.005
(0.15)
Inline Equation × young
(aggregate prices) 		0.191*
(1.95) 		0.320***
(6.43)
Inline Equation × middle
(aggregate prices) 		0.057
(0.67) 		0.032
(0.30)
Inline Equation × old
(aggregate prices) 		−0.046
(−0.66) 		−0.034
(−0.57)
ln(FAit) 0.056***
(9.10) 		0.051**
(8.77)
ln(HHDYit) 0.040**
(3.58) 		0.033**
(2.84)
Constant 8.295***
(67.89) 		8.426***
(65.31)
Obs 12,824 9,416
Adjusted R2 0.459 0.457

Notes: ***, ** and * indicate significance at the 1, 5 and 10 per cent level, respectively; t statistics in parentheses; dummies for year, region (Model 1), occupation, young, middle and labour force status omitted from table
Model 1 – dependent variable: ln(total spendingit); panel two
Model 2 – dependent variable: ln(total spendingit); panel three

Sources: APM; HILDA Release 10.0; authors' calculations