Hryshko, Dmytro; Luengo-Prado, Maria Jose; Sørensen, Bent E - C.E.P.R. Discussion Papers - 2010
Using data from the Panel Study of Income Dynamics, we show that homeowners are able to maintain a high level of consumption following job loss (or disability) in periods of rising local house prices while the consumption drop for homeowners who lose their job in times of lower house prices is...