methodology is sensitive to the modeling of household demography. Existing estimates of CPI bias do not account for the changing … effect of household size on budget shares, and this can lead to omitted variable bias. Since the effect of household size on … changing effect of household size is accounted for …

An increase in the household debt to GDP ratio in the medium run predicts lower subsequent GDP growth, higher … supply hypothesis," we show that low mortgage spreads predict an increase in the household debt to GDP ratio and a decline in … subsequent GDP growth when used as an instrument. The negative relation between the change in household debt to GDP and …

across states shows that the rise in top income shares can explain almost all of the accumulation of household debt held as a … financial asset by the household sector. Since the Great Recession, the saving glut of the rich has been financing government …

Using administrative credit report records and data collected through several special household surveys we analyze … changes in household debt and savings during the 2007 recession. We find that while different segments of the population were … higher saving rate appears to reflect a considerable decline in household debt, with households paying down mortgage debt in …

consumption between 2006 and 2009. Using household-level data, we show that in addition to a direct effect of changes in house …

expectations. Extrapolative income expectations help explain state-dependent household debt cycles qualitatively and quantitatively …