There is widespread disagreement about the role of housing wealth in explaining consumption. However, much of the empirical literature is marred by poor controls for the common drivers both of house prices and consumption, such as income, income growth expectations, interest rates, credit supply conditions, other assets and indicators of income uncertainty (e.g., changes in the unemployment rate). For instance, while the easing of credit supply conditions is usually followed by a house price ...Expand abstract
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Housing Wealth and UK Consumption.
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