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Consumption and Initial Mortgage Conditions : Evidence from Survey Data
Masier, Giacomo - 2011
consumption path of credit constrained homeowners is determined by the size and timing of payments (mortgage maturity). We exploit … the rapid expansion of mortgage markets during the last decade in Spain and a very detailed survey on household finances … consumption of households headed by an individual with high school responds more to mortgage maturity than to the interest rate …
Persistent link: https://www.econbiz.de/10013130154
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Consumption and initial mortgage conditions : evidence from survey data
Masier, Giacomo; Villanueva, Ernesto - 2011
consumption path of credit constrained homeowners is determined by the size and timing of payments (mortgage maturity). We exploit … the rapid expansion of mortgage markets during the last decade in Spain and a very detailed survey on household finances … consumption of households headed by an individual with high school respondsmore to mortgage maturity than to the interest rate …
Persistent link: https://www.econbiz.de/10008901448
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Consumption and initial mortgage conditions: evidence from survey data
Masier, Giacomo; Villanueva, Ernesto - 2011
consumption path of credit constrained homeowners is determined by the size and timing of payments (mortgage maturity). We exploit … the rapid expansion of mortgage markets during the last decade in Spain and a very detailed survey on household finances … consumption of households headed by an individual with high school respondsmore to mortgage maturity than to the interest rate …
Persistent link: https://www.econbiz.de/10011605343
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Housing equity, saving and debt dynamics over the Great Recession
Elming, William; Ermler, Andreas - 2016
This paper uses the large and heterogeneous house price shocks in Denmark from 2006-2009 to provide new evidence on the contested determinants of the correlation between house prices and saving. Crucially, to compare the savings behaviour of home-owners who experienced di fferent house price...
Persistent link: https://www.econbiz.de/10011533763
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Pockets of risk in the Belgian mortgage market : evidence from the Household Finance and Consumption Survey (HFCS)
Du Caju, Philip - 2017
data from the Household Finance and Consumption Survey (HFCS), to identify pockets of risk in the Belgian mortgage market …' mortgage debt by (liquid) financial assets. It identifies the share of outstanding mortgage debt that is possibly at risk, and …) unequally distributed, and that therefore this wealth covers their outstanding mortgage debt only to a limited extent. As a …
Persistent link: https://www.econbiz.de/10011772130
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Home Equity Lending and Retail Spending : Evidence from a Natural Experiment in Texas
Abdallah, Chadi S.; Lastrapes, William D. - 2016
We estimate how spending in Texas responded to a 1997 constitutional amendment that relaxed severe restrictions on home equity lending. We use this event as a natural experiment to estimate the importance of credit constraints. If households are credit-constrained, such an increase in credit...
Persistent link: https://www.econbiz.de/10014192641
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The intertemporal marginal propensity to consume out of future persistent cash-flows : evidence from transaction data
Druedahl, Jeppe; Jensen, Emil Bjerre; Leth-Petersen, Søren - 2022
bank sends a letter before the annual reset containing advance information on the expected change in mortgage payments. We …
Persistent link: https://www.econbiz.de/10013361501
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Lifecycle Dynamics of Income Uncertainty and Consumption
Feigenbaum, James; Li, Geng - 2008
Uninsurable income risk is often cited as an explanation for empirical deviations from the Lifecycle/Permanent-Income Hypothesis such as the hump-shaped lifecycle profile of mean consumption. In this paper, we solve a lifecycle consumption model using a calibrated income process that matches the...
Persistent link: https://www.econbiz.de/10014215361
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How big is the wealth effect? : decomposing the response of consumption to house prices
Aruoba, S. Borağan; Elul, Ronel; Kalemli-Ozcan, Sebnem - 2018
We investigate the effect of declining house prices on household consumption behavior during 2006-2009. We use an individual-level dataset that has detailed information on borrower characteristics, mortgages and credit risk. Proxying consumption by individual-level auto loan originations, we...
Persistent link: https://www.econbiz.de/10011971339
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Housing wealth and consumption : the role of heterogeneous credit constraints
Aruoba, S. Borağan; Elul, Ronel; Kalemli-Ozcan, Sebnem - 2022
Persistent link: https://www.econbiz.de/10013382301