Title

Household Reaction to Changes in Housing Wealth

Document Type

Discussion Paper

Publication Date

4-1-2004

CFDP Number

1459

CFDP Pages

16

Abstract

It is widely claimed that housing wealth, as well as stock prices, have an impact on consumption and hence on aggregate economic activity. This paper presents a broad overview of the issues that arise in evaluating this claim in the context of recent research in behavioral economics. Particular attention is paid to a model of the response of consumption to wealth components produced by Christopher Carroll [2004].

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