the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in …

transmission. We trace the impact of shifts in non-price household credit conditions through joint estimation of a system of error … for income and household portfolios, easier credit conditions raise house prices, debt and consumption. However, unlike in …

. Supply-side drivers, valuation, household debt, and financial conditions jointly play a key role in forecasting house price …-level data, we identify households vulnerable to potential housing shocks and assess the riskiness of household debt …

about future interest rates. Our findings help us to understand the responses of the household sector to changes in the …