This paper applies a time-varying parameter vector autoregressive approach to estimate the relative effects of housing … the one- and two-year horizons and over time, generally the housing return positively affects consumption growth while the …, but small, effect on consumption growth. These opposite responses to changes in housing and stock returns suggest …

This paper considers the role of the real housing price in the Great Depression. More specifically, we examine … structural stability of the relationship between the real housing price and real GDP per capita. We test for structural change in … relationships between the real housing price and real GDP per capita to determine if these relationships experienced structural …