How Large is the Housing Wealth Effect? a New Approach

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Sources and Uses of Equity Extracted from Homes (2007, background): “(page 26) Carroll, Otsuka, and Slacalek (2006) reported a long-run MPC out of non-stock market wealth (including real estate) that is more than twice as high as the MPC out of stock market wealth.”
Wealth Effects on Consumption - Evidence from the Euro Area (2009, methodology): “In the U.S., Carroll et al. (2006) distinguish between short-run and long-run wealth effects by exploring the persistence of consumption growth, and find that housing wealth effects are substantially larger than for stock market wealth.”
Wealth Effects in Emerging Market Economies (2012, unknown): “Carroll et al. (2006) exploit the sluggishness of consumption growth to distinguish between short-run and long-run wealth e¤ects, and nd that housing wealth e¤ects are substantially larger than for stock market wealth.”
How Do Business and Financial Cycles Interact? (2011, background): “In studies with micro data, housing wealth has indeed been found to have a larger effect on consumption than equity wealth does (Carrol et al., 2006).”
Credit constraints and growth in a global economy (2012, unknown): “j=0 βu(cj,t+j) + φβ u(R t+J+1b i t+J ), (18)”