There is much disagreement among economists on whether variations in housing wealth matter for consumption. Attanasio et al. (2005) take the view that house-price fluctuations reflect shifts in income expectations and play no causal role for consumption.
Housing wealth and consumer spending
John Muellbauer, 20 July 2008
Topics: Global economy
Tags: consumption, credit channel, credit market liberalisation, housing wealth, recession, UK, US
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