productivity was the shock that initiated the household debt boom and bust. The credit supply view is supported by four facts … in aggregate household debt. Fourth, the default crisis was driven mainly by lower credit score individuals. The view … that credit played only a passive role in explaining the rise in household debt and the subsequent default crisis is …

fully decentralized agents. The model indicates that promoting consumer credit can at best provide a very short-lived relief …

play in this respect focuses on corporate loans rather than on household credit. The improvement of financing conditions … stimulate household credit, in particular consumer loans. Nevertheless, in order to avoid past mistakes, regulators should … continue to develop a framework where consumer loans (and by extension household credit) contributes to the economy in a …

The goal of this paper is to show that household-level financial distress (FD) varies greatly, meaning there is unequal … facts: (i) regions in the U.S. vary significantly in their "FD-intensity," measured either by how much additional credit …

This paper investigates the impact of uncertainty on consumer credit outcomes. We develop a local measure of economic … uncertainty capturing county-level labor market shocks. We then exploit microeconomic data on mortgages and credit-card balances … absent and the cost of mortgage credit declines, suggesting that lenders reallocate credit towards safer borrowers when …

How does gaining access to expensive credit affect the well-being of credit-constrained households? I use plausibly … payday loans on household well-being. Using suicide risks as a long-term measure for household distress, I find detrimental …