Increased credit availability, rising asset prices help boost consumer spending
Anthony Murphy () and
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Elizabeth Organ: New York University School of Law
Economic Letter, 2016, vol. 11, issue 3, 4 pages
A combination of much less household debt, revived access to consumer credit and recovering asset prices have holstered U.S. consumer spending. This trend will likely continue despite an estimated 50 percent reduction since the mid-2000s of the housing wealth effect—an important amplifier during the boom years.
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