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Comparing Wealth Effects: The Stock Market Versus the Housing Market
Karl E. Case Wellesley College Robert J. Shiller Yale University - Cowles Foundation; National Bureau of Economic Research (NBER); Yale University - International Center for Finance John M. Quigley University of California, Berkeley - Department of Economics; University of California, Berkeley - Real Estate Group November 2001 NBER Working Paper No. W8606 Abstract: We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate value of owner-occupied housing, the value of financial assets, and measures of aggregate consumption for each of the geographic units over time. We estimate regressions relating consumption to income and wealth measures, finding a statistically significant and rather large effect of housing wealth upon household consumption.
JEL Classifications: E2, G1 Working Paper SeriesDate posted: November 17, 2001 ; Last revised: November 23, 2001Suggested CitationContact Information
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