Wealth Effects Revisited: 1975-2012

Karl E. Case, John M. Quigley, Robert J. Shiller

NBER Working Paper No. 18667
Issued in January 2013

---- Acknowledgements ----

On May 12, 2012, John Quigley passed away. He was one of the giants in the economics profession and was a true friend. He will be sorely missed. We would like to thank a number of others who made significant contributions to this revision. Marc Van Audenrode was responsible for much of the econometric work. Rachel Bechek, Anne Kinsella Thompson, Semida Munteanu, Gregory Bird, and Ivet Bell provided research assistance. This research was supported by The Analysis Group, Boston MA Mark Zandi of Moody's provided a substantial amount of data. This paper was prepared for the Critical Finance Review serves also as an update of our earlier NBER Working Papers w8606 and w16848. The authors gratefully acknowledge support from the Analysis Group, 111 Huntington Ave #10, Boston MA 02199 The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Karl E. Case ----

I perform consulting services for Analysis Group, Boston, MA and through Gerson Lehrman Group.

I also serve on the board of the Depositors Insurance Fund of Massachusetts.

I receive royalties from Pearson Education Publishing for Principles of Economics 11th edition.

---- Disclosure of Financial Relationships for John M. Quigley ----

During the time that he worked on this paper, John M. Quigley was an Advisor to Fannie Mae and received support from the Lincoln Institute for Land Policy in Cambridge

---- Disclosure of Financial Relationships for Robert J. Shiller ----

September 16, 2012

Disclosure of Outside Activities

Robert J. Shiller

List of activities outside principal Yale University employment since 2008.


Currently engaged in the development of a stock market index family with Barclays Investment Bank, a division of Barclays PLC, in London, based on my research on time series properties of stock prices:


In addition to academic lectures and talks, represented by a speakers bureau, The Leigh Bureau, Bridgewater NJ, for for-fee talks.

Boards and Advisory panels

Competitive Markets Advisory Council, CME Group (formerly Chicago Mercantile Exchange), Chicago IL

Index Committee for the S&P/Case-Shiller Home Price Indices, Standard & Poor’s (unpaid)

Commissioned Research

“Understanding Inflation-Indexed Bond Markets,” with John Campbell and Luis Viceira, Brookings Papers on Economic Activity, 2009, NBER Working Paper #15014, 2009.

Other Activities

Column “Finance in the 21st Century” (every other month, alternating with Howard Davies, London School of Economics), Project Syndicate

Column “Economic View” (every five weeks, alternating with four other columnists), New York

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