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最近的房价暴涨和随后的崩溃，房价和消费之间的关系，业主住在英国的Drevalence意味着大多数家庭都有显着的房屋资产，这些资产的价值变化可能会预计将影响居民消费behaviour.We的理论认为，影响房价在生命周期的框架，和讨论三种机制可能与房价和消费财富效应（I）（II）的间接影响;及（iii）共同的因果关系。
The recent house price boom and its subsequent collapse provide ample motivation for a better understanding of the relationship between house prices and consumption. The Drevalence of owner-occupation in the UK means that most households have significant housing assets，and changes in the value of these assets might be expected to affect Households' consumption behaviour．We consider the theoretical impact of house prices in a lifecycle framework，and discuss three mechanisms which might relate house prices and consumption：(i)wealth effects；(ii)collateral effects；and (iii)common causality. https://www.51lunwen.org/ukthesis/
回顾文献不难发现，房价和消费之间的关系，财富效应是主要的原因，找到共同的因果关系通过收入expectations.Whilst后面的文章已经覆盖了我们所希望的要考虑地面，短期内公布之前，完成这项工作的支持，实际房价上涨了64.7％
The literature is reviewed，focussing on the recent debate between Campbell and Cocco (2007),who find that wealth effects are the primary cause of the relationship between house prices and consumption，and Attanasio，Blow，Hamilton，and Leicester(2009)，who find support for common causality through income expectations．Whilst the latter article has covered much of the ground we had hoped to consider, being published shortly before the completion of this work，it only covers the period to 2001/02．I extend this to 2007，thus capturing the effect of a further 65% rise in real house prices[ According to the Nationwide House Price Index, real house prices rose by 64.7% from 2001Q4 to 2007Q4 ]．
I use household data to estimate a model of consumption behaviour，conditional on demographic and economic factors．By adding house prices to my model and comparing the effects on households of different ages and tenure statuses, I attempt to distinguish between the competing theories.
My main contribution is to extend the debate through a more formal treatment of tenure status，with a particular focus on the consumption of different categories of renter．Due to lacking of good quality data on the level of rents faced，I exploit differences between the consumption of social and private assisted tenants，and private unassisted tenants．The former studies have relatively inflexible net rents(rents less Housing Benefit) which are infrequently adjusted，so they provide a counter-factual for the behaviour of private assisted renters if rental costs had remained unchanged，given certain assumptions as to How selection between tenure statuses is determined．This allows me to further distinguish Which mechanism(s) relate house prices and consumption．I also extend the current analysis using more recent data，including the post-2000 house price boom，allowing me to determine whether the recent boom can be explained in the same way as past booms．

3 Literature Review

3.1 Theory
Theoretically there are a number of channels through which house prices might affect consumption. The two most likely to directly affect individual behaviour and have a significan effect at an aggregate level are wealth effects and liquidity constrains. A third possibility which might explain co-movements in house prices and consumption is that there is some other underlying factor which drives changes in both house prices and consumption expenditure (common causality).

3.1.1 Wealth Effect
The we