This paper reviews the role of house prices in influencing private consumption and residential investment in OECD … borrow for current consumption on the basis of their housing wealth, and the easing of borrowing constraints has often been … for the major OECD countries suggest that house prices have a significant positive impact on private consumption through …

have eased the liquidity constraints facing households, thus raising the targeted level of consumption. The objective of … relationship between consumption and income, and more specifically on the wealth effect. A range of different procedures is used to …

mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the … that the strongest impact on consumption is in countries that have large, efficient and responsive mortgage markets …

This paper provides new empirical results linking financial and housing wealth to household consumption for the United …, especially housing wealth, affects consumption. They further demonstrate that it can be important to take into account wealth … effects on consumption in short-term forecasting exercises, a point which is particularly well illustrated in relation to the …