Case, Karl E.; Quigley, John M.; Shiller, Robert J. - Cowles Foundation for Research in Economics, Yale University - 2001
We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate...