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Mortgage choice and expenditure over the lifecycle : evidence from expiring interest-only loans
Andersen, Henrik Yde; Bech, Stine Ludvig - 2020
We study how homeowners' consumption responds to a negative and anticipated disposable income shock: the beginning of … the amortisation period on interest-only mortgages. We identify spending behavior through an event study approach, by … matching loan-level data that covers the universe of Danish mortgages to detailed administrative registries on borrowers. In …
Persistent link: https://www.econbiz.de/10012149871
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House price rises and borrowing to invest
Crossley, Thomas F.; Levell, Peter; Low, Hamish - 2020
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. …
Persistent link: https://www.econbiz.de/10012164833
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House price rises and borrowing to invest
Crossley, Thomas F.; Levell, Peter; Low, Hamish - 2024
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 …
Persistent link: https://www.econbiz.de/10014505289
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House price rises and borrowing to invest
Crossley, Thomas F.; Levell, Peter; Low, Hamish - 2022
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. …
Persistent link: https://www.econbiz.de/10013172106
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Household debt and aging in Japan
Horioka, Charles; Niimi, Yoko - 2019
In this paper, we analyze the borrowing behavior of Japanese households in comparison to the other Group of Seven (G7) countries and also broken down by the age group of the household head. We find that pre-retirement households (households with a head in the 50-59 age group) in Japan do not...
Persistent link: https://www.econbiz.de/10012121910
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The mortgage cash flow channel of monetary policy transmission : a tale of two countries
Cooper, Daniel; Garga, Vaishali; Luengo-Prado, Maria José - 2021 - This version: August 2021
We study the mortgage cash flow channel of monetary policy transmission under fixed-rate mortgage (FRM) versus adjustable-rate mortgage (ARM) regimes by comparing the United States with primarily long-term FRMs and Spain with primarily ARMs that automatically reset annually. We find a robust...
Persistent link: https://www.econbiz.de/10012626226
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House Prices, Second Mortgages and Household Savings; An Empirical Investigation for the Netherlands, 1987-1994
Rouwendal, Jan; Alessie, Rob - 2002
paper we study the effect of this developmenton the demand for second mortgages and on the savings of Dutch households. We … investigatethe effect of house prices on (i) the number and size of second mortgages, (ii) the savingsof owner-occupiers and (iii … for second mortgages.Savings of homeowners decrease when house prices accelerate. We find no evidence that inc …
Persistent link: https://www.econbiz.de/10010325002
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House prices, second mortgages and household savings : an empirical investigation for the Netherlands, 1987 - 1994
Rouwendal, Jan; Alessie, Rob - 2002
paper we study the effect of this developmenton the demand for second mortgages and on the savings of Dutch households. We … investigatethe effect of house prices on (i) the number and size of second mortgages, (ii) the savingsof owner-occupiers and (iii … for second mortgages.Savings of homeowners decrease when house prices accelerate. We find no evidence that inc …
Persistent link: https://www.econbiz.de/10011327548
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The intertemporal marginal propensity to consume out of future persistent cash-flows : evidence from transaction data
Druedahl, Jeppe; Jensen, Emil Bjerre; Leth-Petersen, Søren - 2022
to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet … data from a major Danish bank. We examine the behavior of borrowers with adjustable rate mortgages, and exploit that the … with a standard buffer-stock consumption model, and implies that it is less effective to target stimulus to low liquidity …
Persistent link: https://www.econbiz.de/10013361501
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The heterogeneous effects of household debt relief
Adelino, Manuel; Ferreira, Miguel A.; Oliveira, Miguel - 2025
more likely to enter forbearance, irrespective of income shocks. Mortgage payment suspension increases consumption and …
Persistent link: https://www.econbiz.de/10015339674