is not consumption. We propose a borrow-to-invest motive by which house price gains affect household spending on …, rather than through consumption smoothing. We test this motive by comparing responses in different categories of spending …

The combination of credit constraints and indivisible consumption goods may induce some riskaverse individuals to play …

general panel date on total consumption from the intertemporal budget constraint. The distribution of consumption levels is … shown to closely match that estimated using the UK's household budget survey. Consumption transitions over time are then …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK …

effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a …

of temptation and commitment is identified using data on consumption, liquid assets, and housing wealth over the life … need for commitment. Preference for illiquidity has important implications for the consumption response to unexpected …

This paper investigates how different income shocks shape consumption dynamics over the business cycle. First, we break … in aggregate consumption over the two most recent crises. We find that the income shocks experienced during the 2008 …, with the 2011-2012 shocks being perceived as more permanent. This helps explain why consumption falls less during the …

is not consumption. We propose an alternative borrow-to-invest channel by which house price gains affect household … through reducing access to leveraged returns and so reducing lifetime resources, rather than through consumption smoothing. …