borrowers and supply less credit to unproductive firms when collateral values rise. My results provide direct evidence that …

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 results show that the consumption of households who need to borrow …, however, have little effect on the expenditures of households who do not need to borrow to finance their consumption. Based on …

through the collateral channel tends to be longer-lived and more balanced across sectors. The collateral channel is a tenth or …

This paper shows that collateral constraints restrict firm entry and post-entry growth, even in the long-run. We use … collateral available to homeowners. We control for local demand shocks by comparing homeowners to two control groups that live in … the same region but do not experience collateral shocks: (i) renters and (ii) homeowners with a mortgage outstanding, who …