Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper … population) as well as in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the …

shifts in the distribution of wealth during the years around the Great Recession. We replicate the dynamics of the housing … mortgage debt, default rates, and housing holdings by households at the bottom of the wealth distribution. The boom in house … prices led to a temporary decrease in wealth concentration, which was subsequently reversed during the bust. …

shifts in the distribution of wealth during the years around the Great Recession. We replicate the dynamics of the housing … mortgage debt, default rates, and housing holdings by households at the bottom of the wealth distribution. The boom in house … prices led to a temporary decrease in wealth concentration, which was subsequently reversed during the bust. …

Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in … changes in consumption. However, this might be a fallacy of composition. Such models ignore that changes in housing wealth … the classic Ando-Modigliani consumption function augmented by housing wealth can be deduced. It is shown that the deeper …

ex-ante homeowners who rate (cash-out) refinance an existing loan to increase savings (consumption) are significantly …