returns to education in different labour market cohorts using household consumption surveys. On the other hand, we analyse the … determinants of housing wealth and its impact on consumption. We show that old cohorts are characterised by lower returns to human … capital and consumption levels, but higher housing wealth. Thus, we do not identify a clear pattern of winners and losers from …

homeownership rates, leverage, stock investments and consumption and can explain empirically observed household behavior during … of a household it is important to understand how households act when they base their consumption and investment decisions … generates a new speculative motive for homeownership. In particular, we show how good and bad housing market cycles affect …

peak achieved during the boom. Homeownership rates, on the other hand, have continued to decline. We reconcile the two … homeownership rates between 2007 and 2014. We further demonstrate that institutional investors contributed to the improvement in the …