8: All households, 2007-2009, Constrained linear reg, Full & H/O Samples, debt var = Mort/HV, , Dep var = del(C/Yavg), coef on W=0.05
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age             0.043        0.036        0.031       -0.015       -0.010       -0.021   
                   (0.056)      (0.056)      (0.056)      (0.061)      (0.057)      (0.061)   

Head college d~e    -0.481       -0.374       -0.580       -1.850       -1.930       -1.862   
                   (1.790)      (1.785)      (1.793)      (1.507)      (1.504)      (1.511)   

Income in t-1       -0.005       -0.004       -0.007        0.000       -0.000       -0.000   
                   (0.010)      (0.009)      (0.010)      (0.007)      (0.007)      (0.007)   

State UR             0.864        0.865        0.897       -0.474       -0.419       -0.439   
                   (0.924)      (0.923)      (0.924)      (0.817)      (0.817)      (0.819)   

del(State UR)       -0.337       -0.345       -0.377        0.663        0.582        0.613   
                   (1.320)      (1.320)      (1.320)      (1.167)      (1.166)      (1.168)   

del(NW/Yavg)         0.050        0.050        0.050        0.050        0.050        0.050   
                       (.)          (.)          (.)          (.)          (.)          (.)   

del(Y/Yavg)          0.085***     0.085***     0.086***     0.032**      0.033**      0.032** 
                   (0.016)      (0.016)      (0.016)      (0.018)      (0.018)      (0.018)   

Mort/HV             -0.861                     6.293       -3.567*                   -1.777   
                   (2.383)                   (5.244)      (2.466)                   (3.678)   

Top Quint M/HV                   -1.954       -0.015                    -2.935**     -5.480   
                                (1.905)      (8.874)                   (1.738)      (8.825)   

Mort/HV x TopQ                                -7.791                                  3.961   
                                            (12.066)                               (10.572)   

Constant            -9.042**     -8.480*      -8.801**      4.008        2.937        4.040   
                   (5.315)      (5.309)      (5.318)      (5.564)      (5.131)      (5.625)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          3566         3566         3566         2141         2141         2141   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
8: All households, 2007-2009, Constrained linear reg, H/O Non-boom and Boom Samples, debt var = Mort/HV, , Dep var = del(C/Yavg), coef on W=0.05
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age             0.033        0.052        0.030       -0.168       -0.150       -0.162   
                   (0.065)      (0.061)      (0.066)      (0.147)      (0.133)      (0.148)   

Head college d~e    -3.227**     -3.287***    -3.185**      0.972        0.851        0.889   
                   (1.654)      (1.653)      (1.658)      (3.412)      (3.407)      (3.420)   

Income in t-1        0.008        0.007        0.009       -0.007       -0.007       -0.007   
                   (0.011)      (0.011)      (0.011)      (0.011)      (0.011)      (0.011)   

State UR             0.359        0.388        0.353       -2.938       -2.876       -2.900   
                   (0.893)      (0.893)      (0.894)      (2.478)      (2.475)      (2.482)   

del(State UR)       -0.878       -0.928       -0.871        5.036        4.886        4.932   
                   (1.308)      (1.307)      (1.309)      (3.673)      (3.670)      (3.681)   

del(NW/Yavg)         0.050        0.050        0.050        0.050        0.050        0.050   
                       (.)          (.)          (.)          (.)          (.)          (.)   

del(Y/Yavg)          0.006        0.006        0.005        0.113***     0.114***     0.113***
                   (0.019)      (0.019)      (0.019)      (0.042)      (0.042)      (0.042)   

Mort/HV             -2.561                    -3.556       -6.131                    -1.808   
                   (2.600)                   (3.853)      (6.140)                   (9.098)   

Top Quint M/HV                   -1.073       -3.789                    -4.874       -2.289   
                                (1.868)      (9.465)                   (4.103)     (22.573)   

Mort/HV x TopQ                                 5.135                                 -2.068   
                                            (11.203)                               (27.587)   

Constant            -0.238       -1.996        0.113       14.570       12.537       13.756   
                   (5.877)      (5.455)      (5.925)     (14.080)     (12.824)     (14.326)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          1579         1579         1579          562          562          562   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
8: All households, 2007-2009, Constrained linear reg, Full & H/O Samples, debt var = Mort DSR, , Dep var = del(C/Yavg), coef on W=0.05
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age             0.055        0.052        0.057        0.035        0.043        0.019   
                   (0.055)      (0.055)      (0.055)      (0.052)      (0.052)      (0.057)   

Head college d~e    -0.335       -0.501       -0.422       -1.854       -1.978       -1.707   
                   (1.784)      (1.790)      (1.799)      (1.509)      (1.509)      (1.516)   

Income in t-1       -0.005       -0.005       -0.005       -0.001        0.000       -0.000   
                   (0.009)      (0.009)      (0.010)      (0.007)      (0.007)      (0.007)   

State UR             0.833        0.834        0.870       -0.484       -0.468       -0.475   
                   (0.925)      (0.927)      (0.928)      (0.818)      (0.822)      (0.823)   

del(State UR)       -0.254       -0.290       -0.310        0.718        0.612        0.698   
                   (1.321)      (1.326)      (1.326)      (1.167)      (1.177)      (1.180)   

del(NW/Yavg)         0.050        0.050        0.050        0.050        0.050        0.050   
                       (.)          (.)          (.)          (.)          (.)          (.)   

del(Y/Yavg)          0.092***     0.090***     0.092***     0.047***     0.040***     0.046***
                   (0.016)      (0.016)      (0.016)      (0.018)      (0.018)      (0.018)   

Mort DSR            -4.087                    -4.287       -3.699**                 -17.468   
                   (2.889)                  (16.863)      (2.131)                  (12.599)   

Top Quint DSR                    -0.182        1.222                     0.288       -0.019   
                                (1.997)      (2.350)                   (1.786)      (2.374)   

Mort DSR x TopQ                               -0.539                                 13.639   
                                            (17.221)                               (12.838)   

Constant            -9.501**     -9.489**     -9.839**      0.419       -0.339        2.086   
                   (5.244)      (5.275)      (5.296)      (4.849)      (4.927)      (5.395)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          3556         3556         3556         2131         2131         2131   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
8: All households, 2007-2009, Constrained linear reg, H/O Non-boom and Boom Samples, debt var = Mort DSR, , Dep var = del(C/Yavg), coef on W=0.05
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age             0.065        0.083*       0.075       -0.087       -0.091       -0.181   
                   (0.055)      (0.056)      (0.060)      (0.123)      (0.126)      (0.140)   

Head college d~e    -3.230**     -3.382***    -3.329***     1.093        0.918        1.301   
                   (1.651)      (1.656)      (1.660)      (3.437)      (3.429)      (3.440)   

Income in t-1        0.004        0.007        0.006       -0.007       -0.006       -0.009   
                   (0.011)      (0.011)      (0.011)      (0.011)      (0.011)      (0.011)   

State UR             0.361        0.358        0.453       -2.742       -2.843       -2.757   
                   (0.891)      (0.895)      (0.895)      (2.492)      (2.489)      (2.492)   

del(State UR)       -0.839       -0.931       -1.006        4.826        4.918        4.894   
                   (1.303)      (1.311)      (1.312)      (3.698)      (3.701)      (3.702)   

del(NW/Yavg)         0.050        0.050        0.050        0.050        0.050        0.050   
                       (.)          (.)          (.)          (.)          (.)          (.)   

del(Y/Yavg)          0.023        0.013        0.021        0.124***     0.118***     0.122***
                   (0.020)      (0.020)      (0.020)      (0.044)      (0.044)      (0.045)   

Mort DSR            -6.273***                 -8.856       -2.498                   -41.525** 
                   (2.699)                  (14.437)      (3.767)                  (25.077)   

Top Quint DSR                     0.893        2.521                    -0.915       -5.685   
                                (1.896)      (2.513)                   (4.277)      (5.820)   

Mort DSR x TopQ                                1.371                                 40.265*  
                                            (14.768)                               (25.551)   

Constant            -2.016       -3.763       -3.077        7.488        7.889       16.786   
                   (5.167)      (5.259)      (5.685)     (12.095)     (12.283)     (13.642)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          1572         1572         1572          559          559          559   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
8: All households, 2007-2009, Constrained linear reg, Full & H/O Samples, debt var = Mort/HV, Mort DSR, Dep var = del(C/Yavg), coef on W=0.05
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                    Full 1       Full 2       Full 3        H/O 1        H/O 2        H/O 3   
----------------------------------------------------------------------------------------------
Head age             0.057        0.040        0.051        0.004        0.000       -0.002   
                   (0.056)      (0.056)      (0.057)      (0.061)      (0.057)      (0.062)   

Head college d~e    -0.390       -0.385       -0.445       -1.774       -1.919       -1.719   
                   (1.795)      (1.794)      (1.800)      (1.512)      (1.509)      (1.518)   

Income in t-1       -0.006       -0.004       -0.008       -0.001       -0.000       -0.001   
                   (0.010)      (0.010)      (0.010)      (0.007)      (0.007)      (0.007)   

State UR             0.833        0.872        0.875       -0.506       -0.404       -0.415   
                   (0.925)      (0.928)      (0.929)      (0.819)      (0.823)      (0.825)   

del(State UR)       -0.244       -0.368       -0.261        0.753        0.516        0.611   
                   (1.323)      (1.329)      (1.331)      (1.169)      (1.180)      (1.186)   

del(NW/Yavg)         0.050        0.050        0.050        0.050        0.050        0.050   
                       (.)          (.)          (.)          (.)          (.)          (.)   

del(Y/Yavg)          0.092***     0.088***     0.094***     0.046***     0.039***     0.046***
                   (0.016)      (0.016)      (0.016)      (0.018)      (0.018)      (0.019)   

Mort/HV              0.775                    18.174**     -2.408                     1.838   
                   (2.607)                  (10.179)      (2.574)                   (5.415)   

Mort DSR            -4.461                   -45.546       -3.111                   -17.293   
                   (3.152)                  (34.841)      (2.223)                  (18.610)   

Top Quint M/HV                   -2.493        4.976                    -3.282**     -3.129   
                                (2.213)      (9.754)                   (1.807)      (9.149)   

Top Quint DSR                     1.131       -3.716                     1.181        0.391   
                                (2.312)      (4.756)                   (1.853)      (3.252)   

Mort/HV x TopQ                               -19.098                                 -0.248   
                                            (14.792)                               (11.319)   

Mort DSR x TopQ                               40.767                                 13.583   
                                            (34.909)                               (18.668)   

Constant            -9.786**     -8.725*      -9.935**      3.015        2.448        3.105   
                   (5.335)      (5.320)      (5.346)      (5.587)      (5.160)      (5.665)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          3554         3554         3554         2129         2129         2129   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
8: All households, 2007-2009, Constrained linear reg, H/O Non-boom and Boom Samples, debt var = Mort/HV, Mort DSR, Dep var = del(C/Yavg), coef on W=0.05
----------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)   
                 Non-Boo~1    Non-Boo~2    Non-Boo~3       Boom 1       Boom 2       Boom 3   
----------------------------------------------------------------------------------------------
Head age             0.058        0.064        0.049       -0.157       -0.146       -0.167   
                   (0.065)      (0.061)      (0.066)      (0.149)      (0.135)      (0.151)   

Head college d~e    -3.207**     -3.335***    -3.318***     1.188        1.004        1.155   
                   (1.655)      (1.658)      (1.663)      (3.445)      (3.434)      (3.453)   

Income in t-1        0.004        0.007        0.008       -0.007       -0.007       -0.011   
                   (0.011)      (0.011)      (0.011)      (0.011)      (0.011)      (0.012)   

State UR             0.352        0.378        0.478       -2.866       -2.874       -2.588   
                   (0.893)      (0.896)      (0.897)      (2.502)      (2.493)      (2.508)   

del(State UR)       -0.822       -0.942       -1.055        4.947        4.832        4.660   
                   (1.306)      (1.313)      (1.315)      (3.707)      (3.705)      (3.716)   

del(NW/Yavg)         0.050        0.050        0.050        0.050        0.050        0.050   
                       (.)          (.)          (.)          (.)          (.)          (.)   

del(Y/Yavg)          0.023        0.013        0.018        0.120***     0.115***     0.125***
                   (0.020)      (0.020)      (0.020)      (0.045)      (0.044)      (0.046)   

Mort/HV             -0.586                    -4.846       -5.443                    12.874   
                   (2.727)                   (5.915)      (6.465)                  (12.765)   

Mort DSR            -6.085***                  6.993       -1.543                   -60.623** 
                   (2.838)                  (22.268)      (3.939)                  (34.688)   

Top Quint M/HV                   -1.502       -6.537                    -5.061        3.652   
                                (1.939)      (9.967)                   (4.316)     (23.095)   

Top Quint DSR                     1.301        4.974                     0.546       -8.837   
                                (1.968)      (3.599)                   (4.458)      (7.684)   

Mort/HV x TopQ                                 8.257                                -14.269   
                                            (12.240)                               (28.727)   

Mort DSR x TopQ                              -14.438                                 59.228** 
                                            (22.394)                               (34.760)   

Constant            -1.410       -2.549       -1.474       13.875       12.514       14.923   
                   (5.881)      (5.489)      (5.937)     (14.297)     (12.912)     (14.631)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          1571         1571         1571          558          558          558   
----------------------------------------------------------------------------------------------
Standard errors in parentheses
Dependent variable is diff of IHS non housing consumption. HHs with complete set of intvws 2005-2009. Regressions drop extreme outliers for M/HV & DSR.
* p<.15, ** p<.10, *** p<.05
