@techreport{Besley2008Household,
abstract = {This paper uses mortgage data to construct a measure of terms on which households access to external finance, and relates it to consumption at both the aggregate and cohort levels. The Household External Finance (HEF) index is based on the spread paid by risky borrowers in the mortgage market. There is evidence that the terms of access to external finance matter more for the consumption of young cohorts in UK data. Results are robust to a wide variety of specifications.},
address = {London},
author = {Timothy Besley and Neil Meads and Paolo Surico},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {D10; E21; G21; 330; external finance; terms of access; household consumption; birth cohorts; pseudo panels; Privater Haushalt; Haushalts\"{o}konomik; Schulden; Hypothek; Risikopr\"{a}ferenz; Konsumentenverhalten; Gro\ss{}britannien},
language = {eng},
number = {25},
publisher = {Bank of England, Monetary Policy Committee},
title = {Household external finance and consumption},
type = {External MPC unit discussion paper},
url = {http://hdl.handle.net/10419/50649},
year = {2008}
}
