Intertemporal Substitution (EIS). In the United Kingdom, the mortgage interest rate schedule features discrete jumps — notches — at … and sharp bunching below every notch, which translates into sizable interest elasticities of mortgage debt, between 0 …

significantly (especially on durable goods) but outright home-owners do not. While the dollar change in mortgage payments is nearly …

We investigate the effect of house prices on household borrowing using administrative mortgage data from the United …