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-24 have suffered disproportionately during the recession. Using the USA and UK as case studies, we analyse youth unemployment …
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Elasticity of Intertemporal Substitution (EIS). In the UK, the mortgage interest rate features discrete jumps – notches – at …
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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 …
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significantly (especially on durable goods) but outright home-owners do not. While the dollar change in mortgage payments is nearly …
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the aggregate response of consumption to interest rates is driven by households with a mortgage. Outright home owners do …
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