Case, Karl E.; Quigley, John M.; Shiller, Robert J. - Cowles Foundation for Research in Economics, Yale University - 2012
We re-examine the links between changes in housing wealth, financial wealth, and consumer spending. We extend a panel of U.S. states observed quarterly during the seventeen-year period, 1982 through 1999, to the thirty-seven year period, 1975 through 2012Q2. Using techniques reported previously,...