CSAE WPS / 2006-08 Housing Wealth , Credit Conditions and Consumption

  title={CSAE WPS / 2006-08 Housing Wealth , Credit Conditions and Consumption},
  author={Janine Aron},
There is widespread disagreement about the role of housing wealth in explaining consumption. Much of the empirical literature is marred by poor controls for the common drivers both of house prices and consumption, including income, income growth expectations, interest rates, credit supply conditions, other assets and indicators of income uncertainty (such as changes in the unemployment rate). For instance, while the easing of credit supply conditions is usually followed by a house price boom… CONTINUE READING

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