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 … dataset with matched transaction-price and mortgage information. We estimate an elasticity of mortgage borrowing to house …