1: All households, 2007-2009, IV, debt var = Mort/HV,
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                       (1)          (2)          (3)          (4)          (5)          (6)          (7)          (8)   
                    Full 1       Full 2        H/O 1        H/O 2      Nboom 1      Nboom 2       Boom 1       Boom 2   
------------------------------------------------------------------------------------------------------------------------
drat                -7.796**                  -7.132                    -5.705                   -11.265                
                   (4.108)                   (5.927)                   (6.971)                  (11.763)                

Head age            -0.148***    -0.107*      -0.170*      -0.113       -0.110       -0.072       -0.284       -0.178   
                   (0.075)      (0.074)      (0.117)      (0.098)      (0.137)      (0.116)      (0.230)      (0.190)   

Head college d~e    -5.092***    -5.902***    -5.684***    -6.036***    -9.465***    -9.860***     3.126        4.147   
                   (2.417)      (2.385)      (2.800)      (2.795)      (3.369)      (3.354)      (5.124)      (5.305)   

Income in t-1        0.014        0.004        0.021*       0.016        0.035*       0.025        0.013        0.011   
                   (0.013)      (0.013)      (0.013)      (0.014)      (0.022)      (0.023)      (0.017)      (0.017)   

State UR             0.218        0.393       -0.068       -0.153        0.262       -0.244       -3.663       -2.988   
                   (1.244)      (1.246)      (1.521)      (1.525)      (1.825)      (1.882)      (3.708)      (3.806)   

del(State UR)        0.113       -0.459       -0.980       -1.356       -1.133       -0.774        3.614        1.356   
                   (1.777)      (1.802)      (2.173)      (2.182)      (2.656)      (2.684)      (5.560)      (5.898)   

del(IHS Y)           0.105***     0.106***     0.062***     0.066***     0.047**      0.051**      0.102***     0.113***
                   (0.016)      (0.016)      (0.024)      (0.025)      (0.028)      (0.028)      (0.049)      (0.051)   

del(IHS NW)          0.021***     0.026***     0.018***     0.026***     0.026***     0.031***     0.004        0.025   
                   (0.005)      (0.005)      (0.006)      (0.008)      (0.008)      (0.008)      (0.011)      (0.018)   

del_drat                         19.138                    17.081                    17.503                    34.358   
                               (13.884)                  (16.456)                  (19.999)                  (36.171)   

Constant             2.584        0.028       10.681        8.062        5.755        6.052       23.367       17.048   
                   (7.202)      (7.047)     (10.419)      (9.686)     (11.923)     (11.906)     (21.428)     (19.078)   
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Adjusted R-squ~d     0.020        0.021        0.009        0.007        0.011        0.012        0.009            .   
Observations          3631         3631         2192         2192         1610         1610          582          582   
------------------------------------------------------------------------------------------------------------------------
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
1: All households, 2007-2009, IV, debt var = Mort DSR,
------------------------------------------------------------------------------------------------------------------------
                       (1)          (2)          (3)          (4)          (5)          (6)          (7)          (8)   
                    Full 1       Full 2        H/O 1        H/O 2      Nboom 1      Nboom 2       Boom 1       Boom 2   
------------------------------------------------------------------------------------------------------------------------
drat              -105.642***                -80.440***               -243.542                   -77.865***             
                  (44.783)                  (40.130)                 (278.462)                  (36.115)                

Head age            -0.116*      -0.115*      -0.234**     -0.081       -0.449       -0.039       -0.380**     -0.148   
                   (0.075)      (0.073)      (0.122)      (0.095)      (0.485)      (0.112)      (0.214)      (0.183)   

Head college d~e    -2.747       -5.742***    -5.239**     -5.839***    -4.400       -9.720***     0.705        3.546   
                   (2.798)      (2.384)      (2.883)      (2.793)      (7.376)      (3.365)      (5.354)      (5.090)   

Income in t-1        0.011        0.006        0.004        0.018       -0.024        0.030       -0.001        0.011   
                   (0.013)      (0.013)      (0.016)      (0.013)      (0.069)      (0.022)      (0.019)      (0.017)   

State UR            -0.859        0.287       -1.158       -0.011       -1.440        0.385       -2.952       -3.815   
                   (1.373)      (1.241)      (1.662)      (1.518)      (2.949)      (1.824)      (3.778)      (3.672)   

del(State UR)        1.704        0.063        0.932       -1.087        1.980       -1.315        2.723        3.899   
                   (1.968)      (1.773)      (2.458)      (2.167)      (4.854)      (2.660)      (5.649)      (5.500)   

del(IHS Y)           0.095***     0.120***     0.044*       0.093***    -0.054        0.068***     0.109***     0.166***
                   (0.018)      (0.017)      (0.030)      (0.027)      (0.133)      (0.031)      (0.050)      (0.054)   

del(IHS NW)          0.012***     0.022***     0.010        0.018***     0.014        0.026***    -0.004        0.008   
                   (0.006)      (0.004)      (0.007)      (0.005)      (0.017)      (0.007)      (0.010)      (0.008)   

del_drat                          0.003***                  0.003***                  0.002                     0.003***
                                (0.001)                   (0.001)                   (0.002)                   (0.001)   

Constant             9.957       -0.857       24.008**      3.282       54.850       -0.125       36.376**     11.337   
                   (8.513)      (7.030)     (13.706)      (8.972)     (63.761)     (10.512)     (21.644)     (17.872)   
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Adjusted R-squ~d         .        0.024            .        0.012            .        0.013            .        0.014   
Observations          3631         3631         2192         2192         1607         1607          585          585   
------------------------------------------------------------------------------------------------------------------------
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
