TY  - JOUR
AU  - Case,Karl E.
AU  - Shiller,Robert J.
AU  - Quigley,John M.
TI  - Comparing Wealth Effects: The Stock Market Versus the Housing Market
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8606
PY  - 2001
Y2  - November 2001
UR  - http://www.nber.org/papers/w8606
L1  - http://www.nber.org/papers/w8606.pdf
N1  - Author contact info:
Karl E. Case
Wellesley College
106 Central Street
Wellesley, MA 02481
E-Mail: kcase@wellesley.edu

Robert J. Shiller
Yale University, Cowles Foundation
Box 208281
30 Hillhouse Avenue
New Haven, CT  06520-8281
Tel: 203/432-3708
Fax: 203/432-6167
E-Mail: robert.shiller@yale.edu

John M. Quigley
Department of Economics
Evans Hall #3880
University of California
Berkeley, CA 94720-3880
Tel: 510-643-7411
Fax: 510-643-9657
E-Mail: quigley@econ.berkeley.edu
AB  - We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate value of owner-occupied housing, the value of financial assets, and measures of aggregate consumption for each of the geographic units over time. We estimate regressions relating consumption to income and wealth measures, finding a statistically significant and rather large effect of housing wealth upon household consumption.
ER  -