Ahlfeldt, Gabriel M.; Szumilo, Nikodem; Tripathy, Jagdish - 2024
house-price increases since housing and non-housing consumption are imperfect substitutes. To identify this channel, we take … a structural approach to mortgage demand and supply, exploiting exogenous variation in house-price growth and a unique …-consumption channel, mortgage and house-price growth in the UK would have been 50% and 31% lower, respectively, since the 1990s. …