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 … changes in consumption. However, this might constitute a fallacy of composition. Such models ignore that changes in housing …

Housing property is the most important position in a household's wealth portfolio. Even though there is strong evidence … interpret this as evidence of a housing wealth effect. …

through housing wealth. …

-cycle incomplete-markets model with a liquid financial asset and illiquid housing to match the large heterogeneity of households asset …

This paper produces new evidence and stylised facts on housing, wealth accumulation and wealth distribution, relying on … questions: i) How is homeownership and housing tenure distributed across the population along various socio …-economic characteristics such as income, wealth and age? What is the weight of housing in households’ balance sheets and how does this vary …

-cycle incomplete-markets model with a financial asset and housing to match the large heterogeneity of households asset portfolios … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …

-cycle incomplete-markets model with a financial asset and housing to match the large heterogeneity of households asset portfolios … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …

during the Great Recession was much larger in zip codes that experienced a sharp decline in housing net worth. In the years … conclusion is that housing and household debt should play a larger role in models exploring the importance of household …