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 … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

terms of both consumption and leisure time. Drawing on household panel data in rural Mexico, I find that migration increases … non-migrants' consumption, but that this consumption gain cannot be explained by labor supply adjustments. Migration …