We use detailed data on housing prices in Italy available for a large number of years and with a fine geographical … breakdown to compute capital gains and losses on the most widespread asset among consumers, housing, and inquire whether changes … in housing values affect consumption. We find that consumer expenditures do react to capital gains, with a marginal …

model that shows how the effect of an immigrant inflow in a district affects local housing prices through changes in how … tested using a novel dataset on housing prices and population variables at the district level for a sample of 20 large … immigrants across districts to predict current settlements. We find that immigration raises average housing prices at the city …

Keynesian model with a housing sector and financial frictions on the household side. We show that the social welfare maximizing … monetary policy rule features a reaction to house price variations, when the latter are generated by housing demand or …