Aron, Janine; Muellbauer, John; Murphy, Anthony - Volkswirtschaftliche Fakultät, … - 2006
There is widespread disagreement about the role of housing wealth in explaining consumption. Much of the empirical … literature is marred by poor controls for the common drivers both of house prices and consumption, including income, income … price boom, failure to control for the direct effect of credit liberalization on consumption can over-estimate the effect of …