Title: Wealth effects out of financial and housing wealth
Description: To explore the link between household consumption and wealth, we use a new source of  harmonized microdata (Luxembourg Wealth Study). We investigate whether there are  differences in wealth effects from different types of wealth and across age groups. We consider  three countries: Canada, Italy and Finland. We find that the overall wealth effect from housing  is stronger than the effect from financial wealth for the three countries in the sample.  Additionally, in accordance with the life-cycle theory of consumption, we find the housing  wealth effect to be significantly lower for younger households. We also find between-country differences in the wealth effect.