This study empirically demonstrates the impact of wealth shocks from initial public offerings (IPOs) on local house … prices by distinguishing from changes in the uncertainty and availability of wealth. Applying spatial event study methods to …

that low-risk stocks outperform high-risk stocks. Using a large-scale household dataset, we provide an explanation for this …

decline in housing wealth. To complement these household-level findings, we employ county-level data to provide evidence that … thousands of dollars over the remaining life of the mortgage. We uncover three patterns. First, the average household increases …

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

The study primarily explores the linkage between wealth effects, arising from stock and housing market channels, and … household final consumption for 11 advanced countries over the period from 1970 Q1 to 2015 Q4. As a modelling strategy, we …-panel and country-level analyses. In this respect, we find that consumption is mostly explained by income and housing wealth is …

We evaluate and partially challenge the 'household leverage' view of the Great Recession. In the data, employment and … consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the … aggregate data. Changes in household credit limits explain 40 percent of the differential rise and fall of employment across …

I construct a novel measure of household uncertainty based on survey data for European countries. I show that household … uncertainty shocks are not universally like negative demand shocks. Notably, household uncertainty shocks are largely inflationary … role in the transmission of household uncertainty to inflation. I develop an Overlapping Generations New Keynesian model …