The macroeconomic literature has identified a robust relationship between house prices and consumption at the aggregate level. The microeconomic literature points to three possible mechanisms behind this relationship: the wealth effect, whereby households respond to changes in housing wealth by spending/saving more; the collateral effect whereby households use the main residence as collateral for consumer loans; and the common causality effect whereby one or more variables affect both house prices and consumption simultaneously. I test the implications of these mechanisms using data from a panel survey representative of the Dutch population. For that purpose, I employ measures of subjective house prices and subjective house price expectations. Results suggest that the wealth and the collateral effects play, at best, minor roles in explaining the aggregate relationship between house prices and consumption.

宏观经济文献已经确定了总体水平上房价与消费之间的稳健关系。微观经济学文献指出了这种关系背后的三种可能机制：财富效应，即家庭通过增加支出/储蓄来应对住房财富的变化；家庭以主要居所作为消费贷款抵押品的抵押效应；一个或多个变量同时影响房价和消费的共同因果效应。我使用代表荷兰人口的小组调查数据来测试这些机制的影响。为此，我采用主观房价和主观房价预期的措施。结果表明，财富和附带效应充其量是