decisively on prevailing loan-to-value (LTV) ratios in mortgage markets with borrowing constrained households. Utilizing a smooth … housing sector in times of high LTV ratios, which, through changes in mortgage lending and mortgage equity withdrawals (MEWs …), translate into larger effects of consumption. This result is more pronounced for contractionary shocks, in line with …

We quantify the housing-consumption channel in mortgage demand according to which households borrow more following …-prices of 0.82. Counterfactual analysis of the general-equilibrium of housing and mortgage markets shows that, sans housing-consumption … house-price increases since housing and non-housing consumption are imperfect substitutes. To identify this channel, we take …

Homeownership rates differ widely across European countries. We document that part of this variation is driven by … homeownership rates per household, homeownership rates per individual are very similar during the first part of the life cycle. To … consumption-saving and housing tenure decisions. We embed an explicit intergenerational link between children and parents to …

simulation suggests that the amortization scheme known as SAC for the mortgage system is a better choice in nearly two-thirds of … should acknowledge this level of uncertainty by including explicit mortgage renegotiations within shorter periods. …