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

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 …

), translate into larger effects of consumption. This result is more pronounced for contractionary shocks, in line with …

households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity …