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. …

their global exposure to risk. Recent developments examine the role of housing on stockholding as another background risk …. This paper analyses the empirical link between stockholding and housing wealth within this framework. We use the French … find that an increase in the housing to net wealth ratio crowds out stock market investment for a given total financial …

This paper analyzes the existence of 'wealth effects' derived from net equity (in the form of housing, financial assets …-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of …

This paper constructs a quantitative lifecycle model with uninsurable labor income and aggregate housing return risk to … assess how Korean households make saving and portfolio allocation decisions. The model incorporates the special roles housing … housing value. The model adds to existing models of wealth accumulation some unique institutional features present in Korea …

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 …