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 Pok-sang Lam (the editor), two anonymous referees, Ben Bernanke, Alan Greenspan, Robert Hall, Nicholas Souleles, David Wyss, 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 in the archive (http://econ.jhu.edu/people/ccarroll/papers/cosWealthEffects/). We are also grateful to Emmanuel de Veirman and Sherif Khalifa for excellent research assistance. The views presented in this paper are those of the authors, and should not be attributed to the Organisation for Economic Co-operation and Development or the European Central Bank.
How Large Are Housing and Financial Wealth Effects? A New Approach
Article first published online: 19 JAN 2011
© 2011 The Ohio State University
Journal of Money, Credit and Banking
Volume 43, Issue 1, pages 55–79, February 2011
How to Cite
CARROLL, C. D., OTSUKA, M. and SLACALEK, J. (2011), How Large Are Housing and Financial Wealth Effects? A New Approach. Journal of Money, Credit and Banking, 43: 55–79. doi: 10.1111/j.1538-4616.2010.00365.x
- Issue published online: 19 JAN 2011
- Article first published online: 19 JAN 2011
- Received November 30, 2006; and accepted in revised form July 7, 2010.
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