Credit, Housing Collateral and Consumption: the UK, Japan and the US.
The contrasting consumption behaviour of UK, US and Japanese households is examined in this paper through the lens of modernised Ando-Modgliani style consumption functions. Income growth expectations are treated systematically and income uncertainty and credit channel features are incorporated. These models therefore capture important parts of the financial accelerator. The evidence is that, since 1980, credit availability for UK and US but not Japanese households has undergone large shifts. ...Expand abstract
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