show that non-recourse law increases real household consumption volatility by amplifying housing price cycles in non … volatility generates real effects on consumption volatility. Using U.S. housing market and consumption data during 2000-2019, we …-recourse states. The consumption effects are more remarkable for durable goods. Overall, our findings highlight the critical role …

wealth position of the household only through homeownership. For the sample of inheritors we find that the local average … wealth is difficult to establish due to many potential sources of endogeneity. Utilizing the Household Finance and … Consumption Survey for the Euro area, we correct for endogeneity by using inheriting the household's main residence as an …

decomposing wealth according to the liquidity of household assets. In particular, we find that significant appreciation in the …During the period from 1990 to 2002, U.S. households experienced a dramatic wealth cycle, induced by a 369-percent … predictions at the time by some analysts relying on life-cycle models of consumption, consumer spending in real terms continued to …

We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income … and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to … different components of income and wealth. While fiscal policy had direct effects on consumption, the analysis suggests that …

housing markets are therefore key to understanding personal portfolios, saving, the household distribution of wealth, and the … consumption of housing as a component of personal wealth. The impacts of rates of home ownership, credit market characteristics …Housing is the single most important component of personal wealth in most countries. The special characteristics of …

For most homeowners, the house is not only the most important consumption good but also the dominant asset. A … subjective assessment of home value is an inherent component of many household decisions, including portfolio choice, retirement … planning and borrowing practices. The US Government, through surveys including the US census, the American Household Survey …

We document a housing wealth effect on the stock liquidity of local firms. We first demonstrate that the heterogeneity … of homeownership rates across geographical areas can explain variations in the impact that changes in house prices have … on local stock liquidity. We then show, consistent with expectations that an increase in housing wealth leads to a …