In another study, Mr Slacalek finds that in industrial countries, the effect of a change in housing wealth on spending has risen in the past 15 years.
斯拉·卡勒的另一项研究发现工业国家中的房产财富对消费支出的影响已在过去持续增长了15年。
Now that America's housing boom is ending, the worry is that the Fed is less able to stimulate the spending that comes with rising housing wealth.
如今美国房屋市场的繁荣已告一段落，令人担忧的是联邦储备局已缺乏刺激消费和房屋价格的能力了。
Optimists, Mr Bernanke among them, argue that the links between housing wealth and spending are much the same as for any other type of wealth, such as shares.
伯南克和其他持乐观态度的人认为，房产财富和其他形式的财富(如股票)没有差别，它们和消费之间有着相同的关系。
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