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- Title
The Media's Role in Influencing Perceptions of Housing Values and the Resulting Impact on the Macroeconomy.
- Authors
McCollough, John; Karani, Komal
- Abstract
The housing market is a major component of the economy and persistent negative media reports can adversely affect perceptions and expectations of homeowners as to the value of their home. As a result, households reduce their expenditures and increase their savings in an effort to rebuild lost wealth. In the short run the economy suffers and the recession is magnified. This paper demonstrates, through an empirical study, how negative media reports regarding the deteriorating conditions of the national housing market affects what households feel their housing is worth.
- Subjects
HOUSING market; HOMEOWNERS; CONSUMPTION (Economics); RECESSIONS; MACROECONOMICS
- Publication
Economic Affairs, 2014, Vol 34, Issue 1, p68
- ISSN
0265-0665
- Publication type
Article
- DOI
10.1111/ecaf.12047