Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive … changes in consumption. However, this might be a fallacy of composition. Such models ignore that changes in housing wealth …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … which housing price changes work as a "wealth effect". In such models, windfall gains in housing always lead to positive … wealth have distributional consequences between those planning to sell their house and those planning to buy a house. Further …

The effect of wealth on consumption is an issue of longstanding interest to economists. Analysts believe that … fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the … impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …

This study empirically demonstrates the impact of wealth shocks from initial public offerings (IPOs) on local house … prices by distinguishing from changes in the uncertainty and availability of wealth. Applying spatial event study methods to …

The study quantifies stock market and housing market wealth effects on households' non-durable consumption using … market gains. We also found statistically and economically significant housing wealth effects with a marginal propensity to … consume out of idiosyncratic housing wealth gains to be over 8 percent. The results from idiosyncratic equity wealth effects …