Abstract
This paper analyzes the impact of changes in the real price of houses upon the level of wealth and the rate of consumption of the personal sector. A theoretical framework is developed to assess under what conditions the real net worth of agents is increased by unanticipated house price inflation. Long-term trends in the value of the U.K. housing stock and in the excess returns to housing wealth are measured. The implications of the results for policy and for economic modeling are discussed. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester
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