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   
                   (0.435)      (0.524)      (0.587)      (0.801)      (0.859)      (0.732)   

Head college d~e    -0.481       -0.374       -0.580       -1.850       -1.930       -1.862   
                   (0.788)      (0.834)      (0.746)      (0.220)      (0.200)      (0.218)   

Income in t-1       -0.005       -0.004       -0.007        0.000       -0.000       -0.000   
                   (0.635)      (0.671)      (0.495)      (0.967)      (0.950)      (0.983)   

State UR             0.864        0.865        0.897       -0.474       -0.419       -0.439   
                   (0.350)      (0.349)      (0.332)      (0.562)      (0.609)      (0.592)   

del(State UR)       -0.337       -0.345       -0.377        0.663        0.582        0.613   
                   (0.799)      (0.794)      (0.775)      (0.570)      (0.618)      (0.600)   

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** 
                   (0.000)      (0.000)      (0.000)      (0.068)      (0.064)      (0.067)   

Mort/HV             -0.861                     6.293       -3.567*                   -1.777   
                   (0.718)                   (0.230)      (0.148)                   (0.629)   

Top Quint M/HV                   -1.954       -0.015                    -2.935**     -5.480   
                                (0.305)      (0.999)                   (0.091)      (0.535)   

Mort/HV x TopQ                                -7.791                                  3.961   
                                             (0.519)                                (0.708)   

Constant            -9.042**     -8.480*      -8.801**      4.008        2.937        4.040   
                   (0.089)      (0.110)      (0.098)      (0.471)      (0.567)      (0.473)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          3566         3566         3566         2141         2141         2141   
----------------------------------------------------------------------------------------------
p-values 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   
                   (0.323)      (0.345)      (0.307)      (0.498)      (0.415)      (0.740)   

Head college d~e    -0.335       -0.501       -0.422       -1.854       -1.978       -1.707   
                   (0.851)      (0.780)      (0.814)      (0.219)      (0.190)      (0.260)   

Income in t-1       -0.005       -0.005       -0.005       -0.001        0.000       -0.000   
                   (0.571)      (0.562)      (0.575)      (0.859)      (0.981)      (0.946)   

State UR             0.833        0.834        0.870       -0.484       -0.468       -0.475   
                   (0.368)      (0.369)      (0.348)      (0.554)      (0.569)      (0.564)   

del(State UR)       -0.254       -0.290       -0.310        0.718        0.612        0.698   
                   (0.847)      (0.827)      (0.815)      (0.539)      (0.603)      (0.554)   

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***
                   (0.000)      (0.000)      (0.000)      (0.011)      (0.029)      (0.013)   

Mort DSR            -4.087                    -4.287       -3.699**                 -17.468   
                   (0.157)                   (0.799)      (0.083)                   (0.166)   

Top Quint DSR                    -0.182        1.222                     0.288       -0.019   
                                (0.927)      (0.603)                   (0.872)      (0.993)   

Mort DSR x TopQ                               -0.539                                 13.639   
                                             (0.975)                                (0.288)   

Constant            -9.501**     -9.489**     -9.839**      0.419       -0.339        2.086   
                   (0.070)      (0.072)      (0.063)      (0.931)      (0.945)      (0.699)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          3556         3556         3556         2131         2131         2131   
----------------------------------------------------------------------------------------------
p-values 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   
                   (0.308)      (0.473)      (0.368)      (0.950)      (0.997)      (0.968)   

Head college d~e    -0.390       -0.385       -0.445       -1.774       -1.919       -1.719   
                   (0.828)      (0.830)      (0.805)      (0.241)      (0.204)      (0.257)   

Income in t-1       -0.006       -0.004       -0.008       -0.001       -0.000       -0.001   
                   (0.539)      (0.673)      (0.396)      (0.864)      (0.963)      (0.872)   

State UR             0.833        0.872        0.875       -0.506       -0.404       -0.415   
                   (0.368)      (0.347)      (0.346)      (0.537)      (0.624)      (0.615)   

del(State UR)       -0.244       -0.368       -0.261        0.753        0.516        0.611   
                   (0.854)      (0.782)      (0.845)      (0.520)      (0.662)      (0.606)   

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***
                   (0.000)      (0.000)      (0.000)      (0.013)      (0.031)      (0.014)   

Mort/HV              0.775                    18.174**     -2.408                     1.838   
                   (0.766)                   (0.074)      (0.350)                   (0.734)   

Mort DSR            -4.461                   -45.546       -3.111                   -17.293   
                   (0.157)                   (0.191)      (0.162)                   (0.353)   

Top Quint M/HV                   -2.493        4.976                    -3.282**     -3.129   
                                (0.260)      (0.610)                   (0.069)      (0.732)   

Top Quint DSR                     1.131       -3.716                     1.181        0.391   
                                (0.625)      (0.435)                   (0.524)      (0.904)   

Mort/HV x TopQ                               -19.098                                 -0.248   
                                             (0.197)                                (0.983)   

Mort DSR x TopQ                               40.767                                 13.583   
                                             (0.243)                                (0.467)   

Constant            -9.786**     -8.725*      -9.935**      3.015        2.448        3.105   
                   (0.067)      (0.101)      (0.063)      (0.589)      (0.635)      (0.584)   
----------------------------------------------------------------------------------------------
Adjusted R-squ~d                                                                              
Observations          3554         3554         3554         2129         2129         2129   
----------------------------------------------------------------------------------------------
p-values 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
