. Author manuscript; available in PMC: 2020 Sep 25.

Published in final edited form as: Econ Inq. 2018 Dec 13;57(2):972–996. doi: 10.1111/ecin.12753

Table 6:

IV Regressions of Change in Log Spending on Change in Housing Wealth Separating Households with Low and High Leverage

Debt-to-Income

	Below Median	Above Median

Δln(Housing Wealth)_{Non–Recession}	−0.070 (0.059)	−0.009 (0.046)
Δln(Housing Wealth)_Recession	0.288** (0.144)	0.534** (0.237)

MPC_{Non–Recession}	−0.017 (0.014)	−0.002 (0.011)
MPC_Recession	0.048* (0.029)	0.107** (0.049)

N	3,859	4,801

Housing Leverage

	Below Median	Above Median

Δln(Housing Wealth)_{Non–Recession}	−0.039 (0.048)	−0.045 (0.064)
Δln(Housing Wealth)_Recession	0.271 (0.239)	0.399** (0.190)

MPC_{Non–Recession}	−0.009 (0.012)	−0.011 (0.015)
MPC_Recession	0.049 (0.047)	0.074** (0.035)

N	4,589	3,969

Standard errors clustered at the state level in parentheses. ***, ** and * indicate significance at the 1%, 5% and 10% level, respectively. In each survey wave we drop households with changes in log spending in the top 1% or bottom 1% of the sample. Other regressors as in column (ii) of Table 3.