We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard … theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and … that more households than normal fare very poorly). Second, does access to credit smooth aggregate consumption or aggregate …

anonymized credit bureau files, we examine the bankruptcy filing and delinquency rates of private student loan borrowers in …

I construct the life-cycle model with equilibrium default and preferences featuring temptation and self-control. The … effect is positive in the no-temptation model. As for the optimal default punishment, welfare of the agents without … lower default premium. On the other hand, welfare of agents with temptation is maximized when weak punishment leads to a …

affected lenders’ decisions to grant mortgages and borrowers’ decisions to apply for them and subsequently default. Using … change. Furthermore, the law change did not appear to have affected borrowers’ default decisions. These results cast a …

A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to … default premia and better consumption smoothing. However, those who borrow and default due to temptation or unavoidable large …

This paper compares outcomes for borrowers who received face-to-face credit counseling with similarly situated … consumers who opted for counseling via the telephone or Internet. Counseling outcomes are measured using consumer credit report … who received credit counseling either in-person or via the telephone during 2003. A second sample of 12,000 clients …

, Credit, and Savings: The Experience for LMI Households,” held May 21-22, 2007, at the Federal Reserve Bank of Philadelphia …, accessing credit, and accumulating savings. The conference discussion emphasized both the challenges and opportunities for …

The authors investigate the extent to which monetary policy can enhance the functioning of the private credit system …. Specifically, they characterize the optimal return on money in the presence of credit arrangements. There is a dual role for credit … traders have access to credit. As a result, there is a social role for fiat money because it allows agents to self …