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Credit, Housing Collateral, and Consumption: Evidence from Japan, the UK, and the US.

Abstract:

The consumption behavior of U.K., U.S., and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral, and other credit effects. These models therefore capture important parts of the financial accelerator. The evidence is that credit availability for U.K. and U.S., but not Japanese, households has undergone large shifts since 1980. The average consumption-to-...

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Publisher copy:
10.1111/j.1475-4991.2011.00466.x

Authors


Janine Aron More by this author
John V. Duca More by this author
John Muellbauer More by this author
Keiko Murata More by this author
Anthony Murphy More by this author
Journal:
Review of Income and Wealth
Volume:
58
Issue:
3
Publication date:
2012
DOI:
URN:
uuid:7852cca7-fe30-47de-a702-7d78e0de654a
Local pid:
oai:economics.ouls.ox.ac.uk:15207
Language:
English

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