2: All households, 2007-2009, IV, debt var = Mort/HV, including DSB on RHS
------------------------------------------------------------------------------------------------------------------------
                       (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                -5.234                    -5.524                    -4.205                    -8.225                
                   (4.433)                   (6.129)                   (7.276)                  (12.103)                

Head age            -0.128**     -0.101       -0.147       -0.103       -0.092       -0.066       -0.228       -0.150   
                   (0.075)      (0.074)      (0.118)      (0.098)      (0.138)      (0.116)      (0.232)      (0.189)   

Head college d~e    -4.774***    -5.299***    -5.216**     -5.544***    -9.295***    -9.685***     4.555        5.336   
                   (2.422)      (2.399)      (2.814)      (2.812)      (3.390)      (3.383)      (5.149)      (5.287)   

Income in t-1        0.010        0.004        0.017        0.013        0.030        0.023        0.007        0.005   
                   (0.013)      (0.013)      (0.014)      (0.014)      (0.023)      (0.023)      (0.017)      (0.017)   

State UR             0.177        0.284       -0.109       -0.173        0.228       -0.173       -3.492       -3.044   
                   (1.245)      (1.247)      (1.525)      (1.528)      (1.830)      (1.890)      (3.718)      (3.778)   

del(State UR)        0.268       -0.059       -0.791       -1.103       -0.991       -0.719        3.615        2.041   
                   (1.778)      (1.814)      (2.178)      (2.192)      (2.662)      (2.686)      (5.571)      (5.862)   

del(IHS Y)           0.122***     0.123***     0.098***     0.100***     0.073***     0.074***     0.180***     0.190***
                   (0.017)      (0.017)      (0.028)      (0.028)      (0.032)      (0.032)      (0.061)      (0.061)   

del(IHS NW)          0.021***     0.024***     0.018***     0.024***     0.026***     0.030***     0.005        0.020   
                   (0.005)      (0.005)      (0.006)      (0.008)      (0.008)      (0.009)      (0.011)      (0.019)   

L2.mds_to_y         -5.039       -5.762       -3.721       -3.595       -2.996       -2.536       -7.337       -6.769   
                   (4.217)      (4.241)      (4.155)      (4.225)      (5.774)      (5.892)      (6.195)      (6.539)   

del_drat                         10.527                    14.291                    14.678                    26.086   
                               (15.149)                  (17.212)                  (21.134)                  (38.790)   

Constant             1.191       -0.583        9.117        7.239        4.735        5.272       18.957       14.218   
                   (7.226)      (7.043)     (10.467)      (9.683)     (11.977)     (11.894)     (21.616)     (18.941)   
------------------------------------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.023        0.025        0.012        0.011        0.012        0.014        0.015       -0.013   
Observations          3619         3619         2180         2180         1602         1602          578          578   
------------------------------------------------------------------------------------------------------------------------
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
2: All households, 2007-2009, IV, debt var = Mort DSR, including DSB on RHS
------------------------------------------------------------------------------------------------------------------------
                       (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                 0.000                     0.000                     0.000                     0.000                
                       (.)                       (.)                       (.)                       (.)                

Head age            -0.107*      -0.107*      -0.082       -0.082       -0.039       -0.039       -0.148       -0.148   
                   (0.073)      (0.073)      (0.095)      (0.095)      (0.113)      (0.113)      (0.183)      (0.183)   

Head college d~e    -5.313***    -5.313***    -5.502***    -5.502***    -9.477***    -9.477***     4.145        4.145   
                   (2.392)      (2.392)      (2.801)      (2.801)      (3.375)      (3.375)      (5.108)      (5.108)   

Income in t-1        0.005        0.005        0.014        0.014        0.025        0.025        0.007        0.007   
                   (0.013)      (0.013)      (0.014)      (0.014)      (0.022)      (0.022)      (0.017)      (0.017)   

State UR             0.233        0.233       -0.059       -0.059        0.326        0.326       -3.471       -3.471   
                   (1.241)      (1.241)      (1.520)      (1.520)      (1.825)      (1.825)      (3.680)      (3.680)   

del(State UR)        0.210        0.210       -0.895       -0.895       -1.158       -1.158        3.648        3.648   
                   (1.774)      (1.774)      (2.171)      (2.171)      (2.661)      (2.661)      (5.504)      (5.504)   

del(IHS Y)           0.132***     0.132***     0.122***     0.122***     0.092***     0.092***     0.204***     0.204***
                   (0.017)      (0.017)      (0.029)      (0.029)      (0.034)      (0.034)      (0.059)      (0.059)   

del(IHS NW)          0.021***     0.021***     0.018***     0.018***     0.026***     0.026***     0.007        0.007   
                   (0.004)      (0.004)      (0.005)      (0.005)      (0.007)      (0.007)      (0.008)      (0.008)   

L2.mds_to_y         -7.028**     -7.028**     -5.388       -5.388       -4.217       -4.217       -9.200*      -9.200*  
                   (3.900)      (3.900)      (4.032)      (4.032)      (5.554)      (5.554)      (5.969)      (5.969)   

del_drat                          0.000                     0.000                     0.000                     0.000   
                                    (.)                       (.)                       (.)                       (.)   

Constant            -0.940       -0.940        3.835        3.835        0.548        0.548       11.212       11.212   
                   (7.029)      (7.029)      (8.996)      (8.996)     (10.572)     (10.572)     (17.874)     (17.874)   
------------------------------------------------------------------------------------------------------------------------
Adjusted R-squ~d     0.026        0.026        0.014        0.014        0.015        0.015        0.017        0.017   
Observations          3625         3625         2186         2186         1603         1603          583          583   
------------------------------------------------------------------------------------------------------------------------
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
