Home Equity Lending and Retail Spending: Evidence from a Natural Experiment in Texas

2012 ◽  
Vol 4 (4) ◽  
pp. 94-125 ◽  
Author(s):  
Chadi S Abdallah ◽  
William D Lastrapes
Keyword(s):  
Natural Experiment ◽  
Credit Constraints ◽  
Constitutional Amendment ◽  
Aggregate Level ◽  
Home Equity ◽  
Credit Constraint ◽  
Household Level ◽  
Credit Availability ◽  
Level Data ◽  
Home Equity Loans

We estimate how spending in Texas responded to a 1997 constitutional amendment that relaxed severe restrictions on home equity lending. We use this event as a natural experiment to estimate the importance of credit constraints. If households are credit-constrained, such an increase in credit availability will increase their spending. We find that Texas retail sales at the county and state levels increased significantly after the amendment, lending support to the credit-constraint hypothesis. We confirm these findings and refine our interpretation of the estimated aggregate-level responses using household-level data on home equity loans. (JEL D14, E21, G21, G28)

scholarly journals Does Collateral Value Affect Asset Prices? Evidence from a Natural Experiment in Texas

2020 ◽  
Author(s):  
Albert Alex Zevelev
Keyword(s):  
Asset Prices ◽  
Natural Experiment ◽  
House Prices ◽  
Consumption Smoothing ◽  
Constitutional Amendment ◽  
Home Equity ◽  
Home Equity Loans ◽  
The Law ◽  
The Impact

Abstract Does the ability to pledge an asset as collateral, after purchase, affect its price? This paper identifies the impact of collateral service flows on house prices, exploiting a plausibly exogenous constitutional amendment in Texas that legalized home equity loans in 1998. The law change increased Texas house prices 4%; this is price-based evidence that households are credit-constrained and value home equity loans to facilitate consumption smoothing. Prices rose more in locations with inelastic supply, higher prelaw house prices, higher income, and lower unemployment. These estimates reveal that richer households value the option to pledge their home as collateral more strongly.

EXCESS SENSITIVITY, LIQUIDITY CONSTRAINTS, AND THE COLLATERAL ROLE OF HOUSING

2009 ◽  
Vol 13 (3) ◽  
pp. 305-326 ◽  
Author(s):  
Andrew Benito ◽  
Haroon Mumtaz
Keyword(s):  
Liquidity Constraints ◽  
Capital Gains ◽  
The Other ◽  
Switching Regression ◽  
Home Equity ◽  
Household Level ◽  
Level Data ◽  
Collateral Channel ◽  
Excess Sensitivity

We estimate consumption Euler equations using U.K. household-level data, employing a switching regression technique. We find excess sensitivity to income for one group of households but not for a second group. The likelihood of excess sensitivity is greater for the young, those without liquid assets, the degree-educated, ethnic minorities and those with negative home equity, consistent with liquidity constraints and buffer-stock saving. Housing capital gains affect the consumption plans of the excess sensitivity group of households, but not the other group. These results are consistent with a “collateral channel” for housing. Around 20%–40% of U.K. households display excess sensitivity.

Hasty Pudding Versus Tasty Bread: Regional Variations in Diet and Nutrition during the Industrial Revolution

2012 ◽  
pp. 9-30 ◽  
Author(s):  
Sara Horrell ◽  
Deborah Oxley
Keyword(s):  
Dairy Products ◽  
Industrial Revolution ◽  
Local Economy ◽  
Household Level ◽  
Level Data ◽  
Other Information ◽  
Level Information ◽  
Local Supply ◽  
Key Aspects ◽  
Nutritional Score

Using parish-level information from Sir F.M. Eden's The state of the poor (1797) we can identify typical diets for the counties of England. These diets varied considerably and afforded very different standards of nutrition. We compute a nutritional score for this diet, paying attention to the presence of vitamins, minerals and micronutrients shown to be essential for health and growth in constructing this measure. Other information in the reports allows us to relate county-level nutrition to factors in the local economy. In particular we find nutrition was positively related to the availability of common land in the area and to women's remunerated work if conducted from home. Lack of common land and little local supply of dairy products also pushed households into buying white wheaten bread rather than baking their own wholemeal loaf. Replicating some of this analysis with household-level data confirms these results. Diet also maps onto stature: male convicts to Australia were significantly taller if they originated in a county with a more nutritious diet. This verifies the important impact of nutrition on stature and demonstrates the sensitivity of height as a measure of key aspects of welfare.

Middle and Below Living Standards: What Can We Learn from Beyond Income Measures of Economic Well-being?

2018 ◽  
Author(s):  
Marii Paskov ◽  
Joan E. Madia ◽  
Tim Goedemé
Keyword(s):  
Well Being ◽  
Material Deprivation ◽  
Living Standards ◽  
Household Level ◽  
The Great Recession ◽  
Level Data ◽  
Working Age ◽  
Household Incomes ◽  
The Relationship ◽  
Economic Well Being

This chapter complements the income-based measures of living standards on which earlier chapters have focused by incorporating non-income dimensions of economic well-being into its analysis, including indicators of material deprivation, economic burdens, and financial stress. It analyses how working-age households around and below the middle of the income distribution fared in European countries in the years before, during, and after the Great Recession. Harmonized household-level data across the members of the EU are analysed to see whether the evolution of these various non-income measures present a similar or different picture to household incomes over time. To probe what lies behind the patterns this reveals, four quite different countries are then examined in greater depth. Finally, the chapter also explores the relationship between material deprivation for households around and below the middle and overall income inequality.

scholarly journals Characteristics of intracerebral haemorrhage associated with COVID-19: a systematic review and pooled analysis of individual patient and aggregate data

2021 ◽  
Author(s):  
R. Beyrouti ◽  
J. G. Best ◽  
A. Chandratheva ◽  
R. J. Perry ◽  
D. J. Werring
Keyword(s):  
Intracerebral Haemorrhage ◽  
Pooled Analysis ◽  
Aggregate Data ◽  
High Rate ◽  
Individual Data ◽  
Aggregate Level ◽  
Level Data ◽  
Pooled Prevalence ◽  
Underlying Mechanisms ◽  
Different Characteristics

Abstract Background and purpose There are very few studies of the characteristics and causes of ICH in COVID-19, yet such data are essential to guide clinicians in clinical management, including challenging anticoagulation decisions. We aimed to describe the characteristics of spontaneous symptomatic intracerebral haemorrhage (ICH) associated with COVID-19. Methods We systematically searched PubMed, Embase and the Cochrane Central Database for data from patients with SARS-CoV-2 detected prior to or within 7 days after symptomatic ICH. We did a pooled analysis of individual patient data, then combined data from this pooled analysis with aggregate-level data. Results We included data from 139 patients (98 with individual data and 41 with aggregate-level data). In our pooled individual data analysis, the median age (IQR) was 60 (53–67) years and 64% (95% CI 54–73.7%) were male; 79% (95% CI 70.0–86.9%) had critically severe COVID-19. The pooled prevalence of lobar ICH was 67% (95% CI 56.3–76.0%), and of multifocal ICH was 36% (95% CI 26.4–47.0%). 71% (95% CI 61.0–80.4%) of patients were treated with anticoagulation (58% (95% CI 48–67.8%) therapeutic). The median NIHSS was 28 (IQR 15–28); mortality was 54% (95% CI 43.7–64.2%). Our combined analysis of individual and aggregate data showed similar findings. The pooled incidence of ICH across 12 cohort studies of inpatients with COVID-19 (n = 63,390) was 0.38% (95% CI 0.22–0.58%). Conclusions Our data suggest that ICH associated with COVID-19 has different characteristics compared to ICH not associated with COVID-19, including frequent lobar location and multifocality, a high rate of anticoagulation, and high mortality. These observations suggest different underlying mechanisms of ICH in COVID-19 with potential implications for clinical treatment and trials.

scholarly journals The Effect of Social Behavior on Residential Water Consumption

Water ◽  
2021 ◽  
Vol 13 (9) ◽  
pp. 1184
Author(s):  
Daniel Morales Martínez ◽  
Alexandre Gori Maia
Keyword(s):  
Water Consumption ◽  
Spatial Dependence ◽  
Regression Models ◽  
Innovative Strategy ◽  
Peer Effect ◽  
Household Level ◽  
Level Data ◽  
Household Water ◽  
Residential Water Consumption ◽  
Residential Water

We analyze how residential water consumption is influenced by the consumption of households belonging to the same social group (peer effect). Analyses are based on household-level data provided by the Brazilian Household Budget Survey and use an innovative strategy that estimates the spatial dependence of water consumption while simultaneously controlling for potential sources of sample selectivity and endogeneity. The estimates of our quantile regression models highlight that, conditional on household characteristics, the greater the household water consumption, the greater the peer effect. In other words, the overconsumption of residential water seems to be influenced mainly by the behavior of social peers.

scholarly journals Meat Demand Monitor during COVID-19

Animals ◽  
2021 ◽  
Vol 11 (4) ◽  
pp. 1040
Author(s):  
Glynn Tonsor ◽  
Jayson Lusk ◽  
Shauna Tonsor
Keyword(s):  
Meat Products ◽  
Secondary Data ◽  
Household Level ◽  
Meat Demand ◽  
Pork Products ◽  
Food Expenditures ◽  
Hoarding Behavior ◽  
Level Data ◽  
The Us ◽  
Demand Changes

Meat products represent a significant share of US consumer food expenditures. The COVID-19 pandemic directly impacted both demand and supply of US beef and pork products for a prolonged period, resulting in a myriad of economic impacts. The complex disruptions create significant challenges in isolating and inferring consumer-demand changes from lagged secondary data. Thus, we turn to novel household-level data from a continuous consumer tracking survey, the Meat Demand Monitor, launched in February 2020, just before the US pandemic. We find diverse impacts across US households related to “hoarding” behavior and financial confidence over the course of the pandemic. Combined, these insights extend our understanding of pandemic impacts on US consumers and provide a timely example of knowledge enabled by ongoing and targeted household-level data collection and analysis.

Child Poverty and Children Entering Care: A Natural Experiment Using Longitudinal Area-Level Data in England, 2015-2020

2021 ◽  
Author(s):  
Davara L. Bennett ◽  
Daniela K. Schlüter ◽  
Gabriella Melis ◽  
Paul Bywaters ◽  
Ben Barr ◽  
...  
Keyword(s):  
Natural Experiment ◽  
Child Poverty ◽  
Level Data
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