consumption. We conclude that to properly understand the monetary transmission mechanism and its changing nature over time, we …

consumption expenditures and created the potential for retirement insecurity. Another concern is that the increasing availability …

In this paper we examine whether house price changes drive mortgage-based equity extraction. To do this we use … information about mortgage borrowing as well as savings in various financial instruments. We find a marginal propensity to extract … actively taken out a new mortgage. These results point to the existence of a housing wealth effect that is intimately connected …

mortgage rates and government bonds? Using a structural VAR approach, we find that mortgage spread shocks impact the real … increase in consumption, residential investment and GDP by 1.6 percent, 6.2 percent and 1.9 percent, respectively. These …

consumption. We conclude that to properly understand the monetary transmission mechanism and its changing nature over time, we …

commuting, and about how much to spend on a mortgage. By matching the results to data (at the ZIP-code level) about relative … attitudes of individual consumers. They find that younger respondents are relatively less confident about homeownership after … commuting, and they find that people who live in the high-decline areas believe it is appropriate to spend more on a mortgage. …