Coskun, YenerBouras, ChristosGupta, RanganWohar, Mark2022-09-212022-09-212021-01-28Coskun, Y.; Bouras, C.; Gupta, R.; Wohar, M.E. Multi-Horizon Financial and Housing Wealth Effects across the U.S. States. Sustainability 2021, 13, 1341. https://doi.org/10.3390/su13031341.2071-1050 (online)10.3390/su13031341https://repository.up.ac.za/handle/2263/87254We investigate for the presence of multi-horizon wealth effects across U.S. states over the period of 1975:Q2 to 2012:Q2 by utilizing multi-horizon non-causality testing and multi-horizon causality measurement. At the state/aggregate level, we document that housing wealth has more statistically significant and persistent impact on private consumption than financial wealth. We also find that state-level housing/financial wealth effects are present at long time horizons and exhibit heterogeneity across the U.S. From a policy perspective, we suggest that state-level policies may specifically utilize the housing market to support consumption and growth.en© 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license.ConsumptionHousing wealth effectFinancial wealth effectMulti-step causalityArticle