Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.

Remarks at the National Association for Business Economics Annual Meeting, New York City.

Remarks at the at the Society of American Business Editors and Writers Fall Conference, City University of New York, Graduate School of Journalism, New York City.

Remarks at the National Association for Business Economics Annual Meeting, New York City.

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.

Remarks at the at the Society of American Business Editors and Writers Fall Conference, City University of New York, Graduate School of Journalism, New York City.

The authors develop a life-cycle model to study the effects of house price changes on household consumption and welfare. The model explicitly incorporates the dual feature of housing as both a consumption good and an investment asset and allows for costly adjustments in housing and mortgage...