Housing , Credit and Consumer Expenditure

  title={Housing , Credit and Consumer Expenditure},
  author={John N. Muellbauer},
  • John N. Muellbauer
  • Published 2008
One important channel by which developments in housing markets affect the macro-economy is through changes in consumer behaviour. More favourable access to credit has raised household debt levels in many countries and house price appreciation has led to increased household wealth. Several factors underlie the improved access to credit, including changes in prudential and wider capital market regulations, technological change and reductions in the cost of information technology, developments in… CONTINUE READING
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