Housing and Equity Wealth Effects of Italian Households

In 2008 all ECB publications feature a motif taken from the 10 banknote. 1 The opinions expressed herein are those of the authors and do not necessarily refl ect those of the European Central Bank. We would like to thank Michael Artis and Athanasios Tagkalakis for their support and seminar participants at the University of Salerno and De Nederlandsche Bank 7th Annual Conference. " Household Behaviour and Financial Decision-Making " for their comments, especially Fax +49 69 1344 6000 All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the author(s). The views expressed in this paper do not necessarily reflect those of the European Central Bank. Abstract 4 Non-technical summary 5