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Recessions lead to short-term job loss, lower levels of happiness and decreasing income levels. There is growing evidence that workers who first join the labour market during economic downturns suffer from poor job matches that have a sustained detrimental effect on their wages and career...
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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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