Home is Where the Equity Is: Mortgage Refinancing and Household Consumption

Abstract

This paper documents the extent to which homeowners use housing equity to smooth their consumption over time. Unlike drawing down other forms of saving, accessing accumulated home equity can be quite costly. Theoretically and empirically, a key distinction can be drawn between those refinancing their home mortgage to improve their wealth position from those… (More)

Topics

6 Figures and Tables

Cite this paper

@inproceedings{Hurst2002HomeIW, title={Home is Where the Equity Is: Mortgage Refinancing and Household Consumption}, author={E. Gerald Hurst}, year={2002} }