Aron, Janine; Duca, John V.; Muellbauer, John; Murata, Keiko - Federal Reserve Bank of Dallas - 2010
-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral and … other credit effects. These models therefore capture important parts of the financial accelerator. The evidence is that … credit availability for U.K. and U.S. but not Japanese households has undergone large shifts since 1980. The average …
