Williams, David M. - Department of Economics, Oxford University - 2010
A stable, long run consumption equation is estimated for Australia using quarterly data from 1977(2) to 2008(2). The …-2008, the log consumption to income ratio rose by around 14 percentage points. The relaxation of households' downpayment and … collateral constraints together boosted the log consumption to income ratio by about 31 percentage points, given the rise in …