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Title:Household external finance and consumption PDF Logo
Authors:Besley, Timothy
Meads, Neil
Surico, Paolo
Issue Date:2008
Series/Report no.:External MPC unit discussion paper 25
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.
Subjects:external finance
terms of access
household consumption
birth cohorts
pseudo panels
JEL:D10
E21
G21
Document Type:Working Paper
Appears in Collections:External MPC Unit Discussion Papers, Bank of England

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