-durable goods and on house prices, which are more easily accessible, to replicate their study. When estimating their same … specification on our data, we obtain values for the elasticity of expenditures to the housing net worth shock that are virtually … conclusions about the separate roles of house prices and initial housing exposure/leverage for the drop in expenditures. Moreover …

for total spending. We revisit their study using different, publicly available data on house prices, and an easily … dimensions: (i) we separate the roles of falling house prices and initial leverage; (ii) we distinguish the effects on real … consumption versus nominal expenditures; and (iii) we infer the implied elasticity of total non-durable expenditures in goods and …

for total spending. We revisit their study using different, publicly available data on house prices, and an easily … dimensions: (i) we separate the roles of falling house prices and initial leverage; (ii) we distinguish the effects on real … consumption versus nominal expenditures; and (iii) we infer the implied elasticity of total non-durable expenditures in goods and …