NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

How Large Is the Housing Wealth Effect? A New Approach

Christopher D. Carroll, Misuzu Otsuka, Jirka Slacalek

NBER Working Paper No. 12746
Issued in December 2006

---- Acknowledgements -----

This paper is based on material originally prepared for an Academic Consultants' meeting of the Board of Governors of the Federal Reserve System, January 30, 2004; for the version of the paper originally presented at the Fed, see Carroll (2004). We thank the discussant of that paper, Robert Shiller, as well as Ben Bernanke, Alan Greenspan, Robert Hall, Nicholas Souleles, Stephen Zeldes, the staff of the Fed, and other attendees at the meeting for very valuable feedback. The data and econometric programs that generated all of the results in this paper are available at http://www.econ.jhu.edu/people/ccarroll/. We are also grateful to Emmanuel de Veirman and Sherif Khalifa for excellent research assistance. For brief summaries of many of the papers in the literature at the time that paper was written, see Khalifa (2004). The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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