Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive … changes in consumption. However, this might be a fallacy of composition. Such models ignore that changes in housing wealth …

Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income …

Using harmonized wealth data and a novel decomposition approach in this literature, we show that cohort effects exist … the association between household wealth portfolios at the intensive margin (the level of assets) and household …-country differences in asset and debt levels, except for housing wealth, which displays large unexplained differences for both the under …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive … wealth have distributional consequences between those planning to sell their house and those planning to buy a house. Further …

Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income …