liquidity. Asset shocks impair a bank’s ability to roll over debt because of agency problems associated with high leverage. In …

’s marginal contribution to inflation is very small. One key reason for our findings is that we estimate a small degree of … financial market segmentation. If we enrich the set of observables with a measure of long-term debt, the semi-elasticity of the … risk premium to the amount of debt in private-sector hands is substantially smaller than that reported in the recent …

research questions survey respondents’ propensity and ability to report debt characteristics accurately. We compare household … debt as reported by borrowers to the SCF with household debt as reported by lenders to Equifax using the new FRBNY Consumer … Credit Panel (CCP). Moments of the borrower and lender debt distributions are compared by year, age of household head …

More than three-quarters of U.S. households bear consumer debt, yet we have little understanding of the relationship … between financial education and the debt behavior of U.S. consumers. In this paper, we study the effects of exposure to … financial training on debt outcomes in early adulthood. Identification comes from variation in financial literacy, economics …

scale and composition of the public debt, matter for inflation. As a result, fiscal policy constrains the efficacy of …This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The … monetary policy. Heavily indebted economies with debt maturity structures observed in many countries require aggressive …

Remarks at the Federal Reserve Bank of New York Inflation-Indexed Securities and Inflation Risk Management Conference. …