We quantify the housing-consumption channel in mortgage demand according to which households borrow more following … house-price increases since housing and non-housing consumption are imperfect substitutes. To identify this channel, we take …-prices of 0.82. Counterfactual analysis of the general-equilibrium of housing and mortgage markets shows that, sans housing-consumption …

We quantify the housing-consumption channel in mortgage demand according to which households borrow more following … house-price increases since housing and non-housing consumption are imperfect substitutes. To identify this channel, we take …-prices of 0.82. Counterfactual analysis of the general-equilibrium of housing and mortgage markets shows that, sans housing-consumption …

We quantify the housing-consumption channel in mortgage demand according to which households borrow more following … house-price increases since housing and non-housing consumption are imperfect substitutes. To identify this channel, we take …-prices of 0.82. Counterfactual analysis of the general-equilibrium of housing and mortgage markets shows that, sans housing-consumption …

comparatively equal, and that purchasing HRH significantly increased housing consumption. However, this effect also significantly … quality restrictions and reselling constraints. We set up a model to demonstrate the mechanism, estimate household housing … consumption, and analyze the impact of policy on that consumption. We find that the housing reform significantly increased the …

accumulation, reduces housing consumption but may be welfare improving for the young households. …

accumulation, reduces housing consumption but may be welfare improving for the young households. …