real and financial wealth positively affect households' consumption in the long-run, with the elasticity of housing wealth …In this paper I estimate the impact of changes in real and financial wealth on private consumption for a panel of 17 … emerging economies from Asia and Central and Eastern Europe. Households' consumption, income and the two measures of real and …

Keynesian model with a housing sector and financial frictions on the household side. We show that the social welfare maximizing … monetary policy rule features a reaction to house price variations, when the latter are generated by housing demand or …

We estimate the effects of stock market volatility on the growth rates of durable consumption, non-durable consumption … adverse effects on the growth rates of investment and durable consumption, whereas the in uence on non-durable consumption …

We build a panel of 14 emerging economies to estimate the magnitude of wealth effects on consumption. Using modern … magnitude; (ii) stock market and housing wealth effects are, generally, smaller for Latin American emerging markets; and (iii …) housing wealth effects have substantially increased for Asian emerging economies in recent years. Additionally, while housing …

consumption and housing purchase decisions jointly with portfolio decisions, there is much to be gained in modelling a household … modelling framework for analysing the household flow of funds jointly with consumption.  The consumption function incorporates …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might be a fallacy of composition. Such models ignore that changes in housing wealth … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might constitute a fallacy of composition. Such models ignore that changes in housing … classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

household depends on local housing market characteristics such as local geography and regulation. Cities with the largest … Expenditures Survey, house price and consumption responses are compared across areas differing in local land availability and … zoning laws to identify a marginal propensity to consume out of housing of 0.07. Homeowners with debt service ratios in the …