The Relationship between Stock Prices, House Prices and Consumption in OECD Countries

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Debt-driven growth? Wealth, distribution and demand in OECD countries (2016, background): “In the basic formulations either financial wealth, housing wealth and debt or share and property prices are added to standard control variables (Girouard et al. 2006; Ludwig and Sløk 2004; Slacalek 2009).”
How Large are Housing and Financial Wealth Effects? A New Approach (2011, background): “A study by Ludwig and Slok (2004) estimates a larger e ect of nancial wealth than housing wealth in a panel of 16 OECD countries, and also reports some evidence of an increase in wealth e ects over time.”
Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession (2015, unknown): “Ludwig and Sløk (2004) found a larger effect of stock wealth than housing wealth in a panel of OECD countries.”
Booms and Busts: Consumption, House Prices and Expectations (2005, unknown): “Case, Quigley and Shiller (2003), using aggregate data, argued that variations in housing wealth have important effects on consumption—a conclusion also reached by Ludwig and Slock (2004). Given the difficulties in distinguishing between the alternative”