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

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 …

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. …

This paper employs Swedish data on households' stock holdings to investigate how consumption responds to changes in … a flat 5 percent for the rest of the distribution. Households' consumption is significantly more responsive to dividend …

estimate a structural model of life-cycle consumption and credit use in which credit cards can be used for payments …

This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house …, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in … household finances implies that responses of consumption to changes in the real interest rate and in house prices differ …

This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house …, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in … household finances implies that responses of consumption to changes in the real interest rate and in house prices differ …