Kingdom, we show that households with mortgage debt exhibit large and persistent consumption responses to changes in their … income. Homeowners without a mortgage, in contrast, do not appear to react, with responses not statistically different from …

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 …

Elasticity of Intertemporal Substitution (EIS). In the UK, the mortgage interest rate features discrete jumps – notches – at …

Elasticity of Intertemporal Substitution (EIS). In the UK, the mortgage interest rate features discrete jumps - notches - at …

We investigate the effect of house prices on household borrowing using administrative mortgage data from the UK and a …

We investigate the effect of house prices on household borrowing using administrative mortgage data from the UK and a …