講座題目：Housing Shock and Online Consumption

時間：2021年5月6日（周四）12:25– 13:25 博學925

主講人: 王龍 上?？萍即髮W創(chuàng)業(yè)與管理學院助理教授

主講人簡介：

王龍教授的主要研究領域為房地產(chǎn)金融，城市經(jīng)濟學和應用微觀經(jīng)濟學，具體的研究課題主要包括城市經(jīng)濟學和房地產(chǎn)的實證研究。他于2018年6月加入上?？萍即髮W創(chuàng)業(yè)與管理學院擔任助理教授。在此之前，他曾在新加坡國立大學房地產(chǎn)研究院擔任研究員。王龍教授的研究成果已發(fā)表在Journal of Public Economics，Journal of Urban Economics，Real Estate Economics，和Journal of Real Estate Research。

摘要：

To establish the causal relationship between housing price appreciation and online consumption behavior, this study exploits a unique and comprehensive dataset assembled from October 1, 2016 to December 31, 2018 by the largest e-commerce company in China. In order to overcome the empirical challenges faced by existing literature due to the non-random nature of housing price changes, this study investigates a unique institutional setting in China, namely the announcement of the newest national-level special economic zone, Xiong'an New Area, as an exogenous shock to the housing price. The study focuses on three areas of interest. First, we examine how exogenous and unanticipated wealth shocks impact household online consumption behaviors. Second, we study the dynamic change of online consumption behaviors before and after the housing shock, and determine whether the behavioral responses persist in the long run. Third, we explore the underlying mechanisms through which the housing shock affects consumption behaviors. In particular, we attempt to disentangle the collateral effects from the housing wealth effects.