Using data from the Panel Study of Income Dynamics, this paper considers the mechanism by which changing house values impact U.S. household spending. The results suggest that house values affect consumption by serving as collateral for households to borrow against to smooth their spending. The...

This paper focuses on human capital and housing in Slovakia during the economic reforms of the last two decades. We compare households that entered the labour market before and after the economic reforms in 1990. On the one hand, we study the returns to education in different labour market...