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effect is also evident in Japan, but because household wealth has changed little on balance in Japan in recent years, this … United States, reflecting the importance of equities in aggregate household wealth in these countries. A significant wealth … remain a less important form of household wealth in most of these countries, and the consumption response to changes in …
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allocation of time. We then use our conceptual framework to analyse intrahousehold inequality in Japan, allowing for the presence … the household …
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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...
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