Moreover, financial assets now account for a larger share of household wealth, making the wealth effect of a stockmarket crash potentially much larger.

ECONOMIST: Greenspan lets things simmer

Mr Poterba reckons the lower estimates of the wealth effect during the 1990s are more plausible.

ECONOMIST: Wealthy and wise?

And she has welcomed any acceptance by the Tories that the "trickle down effect" of wealth from the richest to the poorest did not work.

BBC: Analysis