The full-period analysis suggests that a 1 percent increase in real per-capita housing wealth is associated with a 0.20 percent increase in real per-capita consumption on average, while the long-run income elasticity is 0.47 percent.
I was involved in many crises: the real economy crisis after the first oil shock, the sovereign risk crises of the 1980s, the crisis of the exchange rate mechanism in 1992 and 1993, the Asian crisis in particular. But what we are experiencing presently is bigger and has hit directly in at the heart of the advanced economies.