little credit risk. The borrowing in this model takes the form of a repurchase agreement ("repo") or asset-backed commercial … during the crisis for asset-backed securities with low credit risk once bad news about the underlying cash flows arrived …

This paper investigates the determinants of inequality in human capital with an emphasis on the role of the credit … government student loan programs. The private market credit limit is explicitly derived by extending the natural borrowing limit … of substantial life cycle credit constraints that affect human capital accumulation and inequality. The constrained fall …

Standard economic theory says that unsecured, high-interest, short-term debt -- such as borrowing via credit cards and … transitory income shock of unemployment. Instead, individuals smooth their credit card debt and overdrafts by adjusting … consumption. We first use detailed longitudinal information on debit and credit card transactions, account balances, and credit …

This paper is a theoretical study into how credit constraints interact with aggregate economic activity over the … not only factors of production, but they also serve as collateral for loans. Borrowers' credit limits are affected by the … prices of the collateralized assets. And at the same time, these prices are affected by the size of the credit limits. The …

-constrained investors to take excessive risks. Ignored are unconstrained investors speculating on higher prices during credit booms. To … encouraged a bank/brokerage-credit-fueled stock-market bubble. The direct effect is a 25 cent increase in a stock's market …

The market for corporate credit is characterized by significant seasonal variation, both in interest rates and the …

"optimal" bubble by taxing credit when the "equilibrium" bubble is too high, and subsidizing credit when the "equilibrium …We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …

We present new evidence on consumer liquidity constraints and the credit market conditions that might give rise to them …