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Using micro data covering almost 500,000 Japanese households over the period 1983–2012, we examine to what extent household consumption responds to changes in housing wealth. To do so, we estimate the housing wealth of individual households by matching several official statistics. Employing cross-section and pseudo-panel-based regressions, we find that the marginal propensity to consume (MPC) out of housing wealth is approximately 0.0008–0.0013 for nondurable consumption and 0.0059–0.0082 for total consumption. We further find that the consumption response of older households is larger than that of younger households, which is consistent with the pure wealth effects hypothesis.

Housing Wealth Effects in Japan: Evidence Based on Household Micro Data