The current financial crisis has drawn attention to consumers' use of the home equity line of credit (HELOC) to finance consumption. Although many economists have repeatedly noted that such borrowing fueled additional consumption, attempts to quantify the boost to consumer spending have been...

Any conversation regarding the current financial crisis must include a discussion of home prices. After dramatic home-price increases through the 1990's and early 2000's, U.S. home prices began a severe downturn during 2006. During this time period of significant price appreciation, as previous...