NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares

Charles W. Calomiris, Stanley D. Longhofer, William Miles

NBER Working Paper No. 17740
Issued in January 2012

---- Acknowledgements -----

Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School and Research Associate, National Bureau of Economic Research. Longhofer is Stephen L. Clark Chair of Real Estate and Finance, and Director, Center for Real Estate, Barton School of Business, Wichita State University. Miles is Professor of Economics and a Barton Fellow in the Barton School of Business, Wichita State University. We are grateful to seminar participants at Columbia University and to Xavier Gabaix for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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