This paper looks at how changes in housing and stock prices affect spending in different countries. By using a special model, the researchers found that these effects vary between countries and are linked to how their financial systems work. They discovered that housing price changes have a bigger impact than stock price changes on spending. Also, they found that central banks respond to stock price changes but not housing price changes. These results show that asset prices can have a big influence on the economy and are important to consider when making monetary policy decisions.