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New Evidence on Housing Wealth and Consumption Channels

Zhu, Bing ; Li, Lingxiao ; Downs, David ; Sebastian, Steffen P.


This paper provides new evidence on the effect of housing wealth on consumption by focusing on the impact of home-equity extraction. We develop a household consumption decision model to illustrate the differential effect of home-equity extraction, relative to net home equity, on consumption. The home-equity extraction channel is also shown to vary with household-level borrowing constraints. Based ...


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