"I test the credit-market effects of housing wealth shocks by estimating the consumption elasticity of house price shocks among households in different age quintiles. Younger households face faster expected income growth and hence would like to borrow more than older households. I estimate...

"Using a rigorous and concise framework, this book teaches the foundations ofmodernmacroeconomic theory and its methods. It is ideally suited for students taking a first graduate course inmacroeconomics as part of anMBA, finance, or economics degree. The book explains recent advances of modern...