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 … transition. -- consumption function ; housing wealth effect ; human capital ; survey data …

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 … wealth have distributional consequences between those planning to sell their house and those planning to buy a house. Further …