Housing wealth is about one half of household net worth, and consumption is a considerable fraction (about two thirds …) of Gross Domestic Product in the United States. Empirically, movements in housing wealth are associated with movements in … wealth and consumption are linked together. A sizable portion of the comovement between housing wealth and consumption …

been made in the US labour market, using a dynamic panel probit model. The estimated income effect of higher housing wealth … is virtually zero and that of financial assets wealth is positive, increasing the retirement probability. The … reinforced by wealth and earned income …