"In the United States, workers in cities offering above-average nominal wages -- cities with high productivity, low quality-of-life, or inefficient housing sectors -- pay 30 percent more in federal taxes than otherwise identical workers in cities offering below-average wages. According to...

The study quantifies stock market and housing market wealth effects on households.non-durable consumption using Italian household panel data (SHIW) of 1989-2002. We found all households react similarly to aggregate housing and stock market gains. We also found statistically and economically...