household-level Finnish Wealth Survey suggest that the share of liquidity-constrained households has declined over the same time …We study whether the level of household indebtedness is related to the interest rate elasticity of private consumption … even as the household sector's debt-to-income ratio has almost doubled in the past 20 years. Estimates based on the …

programs may also finance non-education activities for students whose liquidity is otherwise restricted. This paper explores … birthday—on household formation early in the lifecycle. After demonstrating that this discontinuity induces a jump in federal … be driven by liquidity rather than human capital or wealth effects …