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Household Debt: Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014
Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...
Persistent link: https://www.econbiz.de/10010951247
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House Price Gains and U.S. Household Spending from 2002 to 2006
Mian, Atif; Sufi, Amir - National Bureau of Economic Research (NBER) - 2014
We examine the effect of rising U.S. house prices on borrowing and spending from 2002 to 2006. There is strong heterogeneity in the marginal propensity to borrow and spend. Households in low income zip codes aggressively liquefy home equity when house prices rise, and they increase spending...
Persistent link: https://www.econbiz.de/10010796682
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Consumer Credit: Too Much or Too Little (or Just Right)?
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2013
The intersection of research and policy on consumer credit often has a Goldilocks feel. Some researchers and policymakers posit that consumer credit markets produce too much credit. Other researchers and policymakers posit that markets produce too little credit. I review theories and evidence on...
Persistent link: https://www.econbiz.de/10010951083
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Does Macro-Pru Leak? Evidence from a UK Policy Experiment
Calomiris, Charles W.; Aiyar, Shekhar; Wieladek, Tomasz - National Bureau of Economic Research (NBER) - 2012
The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro …--on both questions, using a unique dataset. In the UK, regulators have imposed time-varying, bank-specific minimum capital …
Persistent link: https://www.econbiz.de/10009652785
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Recovery from Financial Crises: Evidence from 100 Episodes
Reinhart, Carmen; Rogoff, Kenneth S - National Bureau of Economic Research (NBER) - 2014
We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ½ years. Five to six years after...
Persistent link: https://www.econbiz.de/10010969301
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The Great Recession: A Self-Fulfilling Global Panic
Bacchetta, Philippe; van Wincoop, Eric - National Bureau of Economic Research (NBER) - 2013
, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong …
Persistent link: https://www.econbiz.de/10010821917
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The Portuguese Slump and Crash and the Euro Crisis
Reis, Ricardo - National Bureau of Economic Research (NBER) - 2013
Between 2000 and 2012, the Portuguese economy grew less than the United States during the Great Depression and less than Japan during its lost decade. This paper asks why this happened, with a particular focus on the slump between 2000 and 2007. It describes the main facts of Portugal's recent...
Persistent link: https://www.econbiz.de/10010821923
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TFP, News, and "Sentiments:'" The International Transmission of Business Cycles
Levchenko, Andrei A.; Pandalai-Nayar, Nitya - National Bureau of Economic Research (NBER) - 2015
We propose a novel identification scheme for a non-technology business cycle shock, that we label "sentiment." This is … a shock orthogonal to identified surprise and news TFP shocks that maximizes the short-run forecast error variance of an … shock produces a business cycle in the US, with output, hours, and consumption rising following a positive shock, and …
Persistent link: https://www.econbiz.de/10011196763
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Home Production, Labor Wedges, and International Real Business Cycles
Karabarbounis, Loukas - National Bureau of Economic Research (NBER) - 2012
This paper explores implications of non-separable preferences with home production for international business cycles. Home production induces substitution effects that break the link between market consumption and its marginal utility and help explain several stylized facts of the open economy....
Persistent link: https://www.econbiz.de/10010569814
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Dollar Funding and the Lending Behavior of Global Banks
Scharfstein, David; Stein, Jeremy; Ivashina, Victoria - National Bureau of Economic Research (NBER) - 2012
in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because … shock leads to a greater withdrawal of dollar funding. Banks can borrow in euros and swap into dollars to make up for the …
Persistent link: https://www.econbiz.de/10010592551