Front entrances of three brownstone townhouses on a tree-lined street

Working Paper

How Big Is the Wealth Effect? Decomposing the Response of Consumption to House Prices

by

S. Borağan Aruoba,
Ronel Elul &
Şebnem Kalemli-Özcan

January 2019

WP 19-06 (Superseded by WP 22-34)

This paper was superseded by Working Paper 22-34 – Housing Wealth and Consumption: The Role of Heterogeneous Credit Constraints.