Australian data, we model non-price credit supply conditions within equilibrium correction models of consumption, house prices …, mortgage credit and housing equity withdrawal. Our "latent interactive variable equation system" (LIVES) employs a single …, but also interact with key economic variables. We show that credit conditions impact on consumption by: (i) lowering the …

This paper uses a unique data set on more than 600,000 mortgage contracts to estimate a credit supply function which …

This paper uses mortgage data to construct a measure of terms on which households access to external finance, and … relates it to consumption at both the aggregate and cohort levels. The Household External Finance (HEF) index is based on the … spread paid by risky borrowers in the mortgage market. There is evidence that the terms of access to external finance matter …

Kingdom, we show that households with mortgage debt exhibit large and persistent consumption responses to tax changes. Home …-owners without a mortgage, in contrast, do not appear to react, with responses not statistically different from zero at all horizons …

flexibility/development of mortgage markets; (3) the transmission of monetary policy shocks on consumption and house prices is … mortgage structure (variable vs. fixed interest rate). In line with our empirical evidence, the sensitivity of consumption to …We study the role of institutional characteristics of mortgage markets in affecting the strength and timing of the …

payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a … Finances. A version of the model parametrized to the 2001 tax rebate episode is able to generate consumption responses to …