The Financial Accelerator in Household Spending: Evidence from International Housing Markets*


This paper explores contractual features of housing Þnance and uses data from international housing markets to provide evidence supporting the “Þnancial accelerator” (Bernanke et al. 1996, 1999). Among households whose housing demand is constrained by the availability of collateral, those who can borrow against a larger fraction of the housing value… (More)


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