Die Entscheidung eines Haushaltes eine Wohnimmobilie zu kaufen oder zu mieten ist seit über 30 Jahren Gegenstand immobilienwirtschaftlicher Forschung. Diese Entscheidung wird von vielen Faktoren beeinflusst, wie z.B. Portfolioentscheidungen, Zugang zu Hypothekenmärkten, persönlichen...

I find quantitative evidence of a significant effect for credit constraints on durable consumption during a post-deregulation consumer spending spree. The effect varied markedly across age and educational groups. Young households with low levels of education displayed high sensitivity to credit...

We evaluate the impact of increased income uncertainty and financial liberalization in the US on consumption volatility and household welfare. We estimate Euler equations and measure the volatility of unpredictable changes in consumption as the squared Euler equation residuals. We directly...

We analyze a three period production economy, where households exhibit problems of self-control and face credit constraints. Apart from liquid assets, a single commitment (illiquid) asset is available that allows to commit to a planned consumption path. We compare general equilibrium allocations...

We use direct evidence on credit constraints to study their importance for household consumption growth and for welfare. We distentangle the direct effect on consumption growth of a currently binding credit constraints from the indirect effect of a potentially binding credit constraint which...