The paper employs a unique identification strategy that links survey data on household consumption expenditure to bank …-level data in order to estimate the effects of bank financial distress on consumer credit and consumption expenditures … consumption. Instead, we show that households compensate by drawing down liquid assets. Only households without the ability to …

This paper examines the relationship between house prices and consumption, through the use of debt. Using unique … and nonhousing consumption - this connection is new to the literature on house prices and consumption. We conclude that … non-housing consumption. Our results can be thought of as the establishment of a conservative lower bound for the overall …

correlation between consumption and house prices. Finally we find that housing collateral induced spillovers account for a large … share of consumption growth during the housing market boom-bust cycle of the late 1980s. …

spending when it undergoes large changes. In this respect, she estimates a consumption function in which only large expansions …