This article reviews the literature on international comparative household finance. It presents
summary statistics on household balance sheets for 13 developed countries and uses these …

We build a model of the US economy with multiple aggregate shocks that generate
fluctuations in equilibrium house prices. Through counterfactual experiments, we study the …

Using household survey data for the US and the UK, we show that the aggregate response
of consumption to interest rate changes is driven by households with a mortgage. Outright …

This survey discusses recent contributions to the quantitative literature on unsecured
consumer debt and default, and some ongoing challenges for the literature. Key topics …

The role of real estate during the global financial and economic crisis has prompted efforts to
better incorporate housing and financial channels into macro models, improve housing …

In this paper, we solve a dynamic model of households' mortgage decisions incorporating
labor income, house price, inflation, and interest rate risk. Using a zero‐profit condition for …

Debt overhang is associated with higher financial fragility and slower recovery from
recession. However, while household credit booms have been extensively documented to …

How much of the foreclosure crisis can be explained by the large number of high-leverage
mortgages originated during the housing boom? In our model, heterogeneous households …

To what extent did an expansion and contraction of credit drive the 2000s housing boom
and bust? The existing literature lacks consensus, with findings ranging from credit having …

This article explores the causes and consequences of cross-country variation in mortgage
market structure. It draws on insights from several fields: urban economics, asset pricing …