Houses as Collateral: Has the Link between House Prices and Consumption in the U.K. Changed?

By Kosuke Aoki, James Proudman, Gertjan W. Vlieghe. 2005

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Wealth Effects in Emerging Market Economies (2012, unknown): “The moment conditions in the GMM model use the orthogonality conditions between the di¤erenced errors and lagged values of the dependent variable, which assume that the original disturbances in (2) are serially uncorrelated and that the di¤erenced error is MA(1) with a unit root.”
How Has the Monetary Transmission Mechanism Evolved Over Time (2010, background): “These developments may have increased the role of balance sheet channels for households, perhaps increasing the responsiveness of consumer spending to changes in house prices (for example, Aoki, Proudman, and Vlieghe, 2002).”
The Relationship between Stock Prices, House Prices and Consumption in OECD Countries (2004, background): “of Miles (1992 and 1995) and more recently of Girouard and Blöndal (2001) as well as Aoki et al. (2003) who emphasize that the linkage between house”
Review of Monetary Policy in South Africa Since 1994 (2007, background): “In SA and the UK, rising house prices expand collateral for consumer borrowing, with large effects on consumer spending (see Bank of England s Inflation Reports, and also Aoki et al (2002)).”
Consumption, House Prices and Collateral Constraints: a Structural Econometric Analysis (2004, background): “8 See e.g. Bernanke and Gertler (1995), Iacoviello (2002) and Aoki et al. (2001).”