Faria, Joao Ricardo; Wang, Le; Wu, Zhongmin - Nottingham Trent University, Nottingham Business … - 2009
This paper studies the impact of mortgages on consumer debt and on debt on durable goods. We first present a stylized model in which an outstanding debt, representing mortgages, affects positively consumer debt, and debt on durable goods. The model is empirically tested for the U.S. using PSID...