Buiter, Willem H. - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-22, pp. 1-29
A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the … prices if this represents a change in their fundamental value. When the birth rate is positive, higher fundamental house … prices driven by the housing demand of future generations will boost current consumption. There is a pure wealth effect on …