Fisher, Lance A.; Otto, Glenn; Voss, Graham M. - In: Journal of Macroeconomics 32 (2010) 1, pp. 284-299
Large variations in house prices can lead to significant changes in the level of household wealth and this may affect household consumption. Using Lettau and Ludvigson's [Lettau, M., Ludvigson, S.C., 2004. Understanding trend and cycle in asset values: reevaluating the wealth effect on...