The effect of wealth on consumption is an issue of long‐standing interest to economists.
Conventional wisdom suggests that fluctuations in household wealth have driven major …

We investigate the consumption consequences of the 2006–9 housing collapse using the
highly unequal geographic distribution of wealth losses across the United States. We …

This paper presents a simple new method for measuring “wealth effects” on aggregate
consumption. The method exploits the stickiness of consumption growth (sometimes …

We investigate the effect of house prices on household borrowing using administrative
mortgage data from the United Kingdom and a new empirical approach. The data contain …

There is strong evidence that house prices and consumption are synchronised. There is,
however, disagreement over the causes of this link. This study examines if there is a wealth …

This paper uses the discontinuity in house size generated by Chinese housing policies to
identify the effect of housing wealth on labor supply. The analysis finds a substantial …

There is increasing evidence that housing and housing markets impact a variety of
behaviors and outcomes. Using a rich panel of Australian microlevel data, we estimated the …

We decompose the wealth effect on consumption into two components. First, we distinguish
between exogenous and endogenous wealth changes. Second, we distinguish between …

Abstract Data from the 2009 Internet Survey of the Health and Retirement Study show that
many US households experienced large capital losses in housing and financial wealth, and …

The causal chain between house price variation and observable changes in economic
behavior including consumption requires that individuals perceive the impact of house price …