How do housing bubbles affect other economic sectors? We show that in the presence of collateral constraints, a bubble … initially raises housing credit demand and crowds out credit to non-housing firms. If the bubble lasts, however, housing credit … consistent with evidence from the recent Spanish housing bubble. Initially, credit growth of non-housing firms was lower at banks …

marginal propensity to consume out of financial wealth significantly larger than of housing wealth. Country-group estimates …

marginal propensity to consume out of financial wealth significantly larger than of housing wealth. Country-group estimates …

We analyse the effect of shocks to housing wealth and income before and after the Great Recession. We combine datasets … affects the response to income and wealth shocks.We find evidence for both a housing wealth effect and income shocks …

The study quantifies stock market and housing market wealth effects on households' non-durable consumption using … Italian household panel data (SHIW) of 1989-2002. We found all households react similarly to aggregate housing and stock … market gains. We also found statistically and economically significant housing wealth effects with a marginal propensity to …

In this paper, we seek to quantify the importance of state-level housing price spillovers and interest rate shocks to … importance of interstate housing price spillovers. Beyond real house prices and real income per capita, each state … importance of housing price spillovers is state dependent, with shocks occurring in states with relatively lower land supply …