How Large Is the Housing Wealth Effect? A New Approach
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This paper presents a simple new method for estimating the size of 'wealth effects' on aggregate consumption. The method exploits the well-documented sluggishness of consumption growth (often interpreted as 'habits' in the asset pricing literature) to distinguish between short-run and long-run
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美国国家经济研究局创建时间：
2006-12-01
