We study the effect of house price developments on home-equity extraction and household expenditure, exploiting data covering the population of Danish homeowners between 2009 and 2016. Our findings indicate that house price increases affect home-equity extraction - and more so for homeowners...

We study how a reduction in financial constraints faced by homeowners affects consumption, and in turn employment creation and the skill composition of the workforce over the business cycle. We leverage a wide set of Danish administrative registries, and implement a difference-in-differences...

Using detailed Danish micro-data, we study how a credit-driven boom in consumer demand affects firm dynamics. We exploit the introduction of interest-only mortgages in 2003 to estab- lish a structural break in Danish households' spending capacity. A difference-in-differences approach indicates...

We study the effect of house price developments on home-equity extraction and household expenditure, exploiting data covering the population of Danish homeowners between 2009 and 2016. Our findings indicate that house price increases affect home-equity extraction - and more so for homeowners...

We leverage survey data from emerging and developing Asia to highlight different aspects of household vulnerability to income shocks arising from the Covid-19 pandemic: occupation in Cambodia, self-insurance mechanisms in Nepal, and financial leverage in Vietnam. Occupation and ex-ante income...

We study how homeowners' consumption responds to a negative and anticipated dis- posable income shock: the beginning of the amortization period on interest-only mort- gages. We identify spending behavior through an event study approach, by matching loan-level data that covers the universe of...