housing crash from 2006 to 2011 and its implications for aggregate and cross-sectional consumption during the Great Recession … consumption. Balance sheets act as a transmission mechanism from housing to consumption that depends on gross portfolio positions … and the leverage distribution. Low interest rate policies accelerate the recovery in housing and consumption …

). Allowing for richer earnings dynamics implies a substantially better profit of the evolution of cross-sectional consumption … inequality over the life cycle and of the individual-level degree of consumption insurance against persistent earnings shocks …

is not consumption. We propose an alternative borrow-to-invest motive by which house price gains affect household … reducing access to leveraged returns and so reducing lifetime resources, rather than through consumption smoothing. …

We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where …, education specific productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic …

is not consumption. We propose a borrow-to-invest motive by which house price gains affect household spending on …, rather than through consumption smoothing. We test this motive by comparing responses in different categories of spending …

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk … do not impose any model structure on the consumption process. This suggests that Italian households do not have access to …