an accumulation of household debt and a downturn in house prices has a substantial adverse impact on consumption. …

fluctuations in household wealth have driven major swings in economic activity. This paper considers so-called wealth effects - the … impact of changes in wealth on household consumption and the overall macroeconomy. There is an extensive existing literature …

This paper analyzes how financial literacy and reported willingness to take financial risk impact a household's choice … of mortgage type. The results show that households reporting higher financial literacy and lower risk aversion are 55 to … general, alternative mortgage products, as opposed to traditional mortgages, are chosen by wealthier, older, and more …