The article introduces a new way to measure how changes in housing wealth affect people's spending habits. By looking at how slowly spending habits change over time, the researchers found that a $1 increase in housing wealth leads to a 2 cent increase in spending right away, and a 9 cent increase in the long run. This effect is bigger than the impact of changes in stock wealth on spending. The researchers argue that their method is better than other popular ways of estimating these effects.