Robustness of the Results Through Time | RDP 2003-07: Housing Wealth, Stock Market Wealth and Consumption: A Panel Analysis for Australia

By Nikola Dvornak, Marion Kohler. 2003

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Consumption, (Dis)Aggregate Wealth, and Asset Returns (2010, background): “In contrast, Case (1992), Kent and Lowe (1998), Skinner (1999), Case et al. (2001), and Dvornak and Kohler (2003) found evidence of a considerable housing wealth e¤ect on consumption.”
"Housing and the monetary transmission mechanism," Finance and Economics Discussion Series Working Paper: a speech at the Federal Reserve Bank of Kansas City's Economic Symposium, Jackson Hole, Wyoming, September 1, 2007 (2007, methodology): “Dvornak and Kohler (2003)—applying techniques similar to those in Case, Quigley, and Shiller (2005) to Australian state-level data—find that stock market wealth has a larger effect than housing wealth. Attanasio and others (2005) present evidence for the United Kingdom that homeowners and renters ch”
The Relationship between Stock Prices, House Prices and Consumption in OECD Countries (2004, background): “theory by Friedman (1957) and the life cycle theory by Modigliani and Brumberg (1954) and Ando and Modigliani (1963).”