paper we study the effect of this developmenton the demand for second mortgages and on the savings of Dutch households. We … investigatethe effect of house prices on (i) the number and size of second mortgages, (ii) the savingsof owner-occupiers and (iii … for second mortgages.Savings of homeowners decrease when house prices accelerate. We find no evidence that inc …

, since most housing is not simply financed out of current cash holdings but by mortgages, the institutions on mortgage … population) as well as in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the …Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in …

and mortgage markets also in normal economic times. …

, since most housing is not simply financed out of current cash holdings but by mortgages, the institutions on mortgage … population) as well in mortgage markets have led to a structural break in the effect of housing wealth on consumption in the mid …Much of the literature on the effect of housing wealth on consumption has been embedded in a simple life-cycle model in …

points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …

.6 percentage points in Switzerland. The response of non-housing consumption in Switzerland is less heterogeneous across renters and …