prices, residential investment, real house prices and mortgage loans, while private consumption and nominal interest rate … responses are left unrestricted. The results suggest that consumption responds positively and significantly to a house price …

and stock returns on the growth rate of US consumption over time. We use annual data from 1890 to 2012 and find that at … the 1- and 2-year horizons and over time, generally the housing return positively affects consumption growth while the … small, effect on consumption growth. These opposite responses to changes in housing and stock returns suggest different …