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Monetary policy transmission to consumer financial stress and durable consumption

Georgarakos, Dimitris; Tatsiramos, Konstantinos - 2019

We examine the effects of monetary policy on household self-assessed financial stress and durable consumption using panel data from eighteen annual waves of the British Household Panel Survey. For identification, we exploit random variation in household exposure to interest rates generated by...

Persistent link: https://www.econbiz.de/10012024596

The saving glut of the rich and the rise in household debt

Mian, Atif; Straub, Ludwig; Sufi, Amir - 2020

Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top of the income distribution, which we call the saving glut of the rich. The saving glut of the rich has been as large as the global saving glut, and it has not been associated...

Persistent link: https://www.econbiz.de/10012197559

Private debt overhang and the government spending multiplier : evidence for the United States

Bernardini, Marco; Peersman, Gert - 2015

Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting...

Persistent link: https://www.econbiz.de/10010498604

Using bankruptcy to reduce foreclosures : does strip-down of mortgages affect the supply of mortgage credit?

Li, Wenli; Ishani, Tewari; White, Michelle J. - 2014 - Current version: February 2014

We assess the credit market impact of allowing mortgage "strip-down" as a foreclosure-prevention measure, where strip …-term reduction in mortgage interest rates and a small, short-term increase in mortgage approval rates, but no long-term effects, and … the circuit court decisions did not consistently affect mortgage terms. These results suggest that strip-down would be an …

Persistent link: https://www.econbiz.de/10010337629

An economist's perspective on student loans in the United States

Dynarski, Susan M. - 2015

In this paper, I provide an economic perspective on policy issues related to student debt in the United States. I lay out the economic rationale for government provision of student loans, summarize time trends in student borrowing, describe the US loan market, then turn to topics central to the...

Persistent link: https://www.econbiz.de/10011375677

Do banks pass through credit expansions? : the marginal profitability of consumer lending during the Great Recession

Agarwal, Sumit; Chomsisengphet, Souphala; Mahoney, Neale; … - 2015

We examine the ability of policymakers to stimulate household borrowing and spending during the Great Recession by reducing banks' cost of funds. Using panel data on 8.5 million U.S. credit card accounts and 743 credit limit regression discontinuities, we estimate the marginal propensity to...

Persistent link: https://www.econbiz.de/10011343066

How does for-profit college attendance affect student loans, defaults and labor market outcomes?

Armona, Luis; Chakrabarti, Rajashri; Lovenheim, Michael F. - 2019

For-profit providers are becoming an increasingly important fixture of US higher education markets. Students who attend for-profit institutions take on more educational debt, have worse labor market outcomes, and are more likely to default than students attending similarly-selective public...

Persistent link: https://www.econbiz.de/10011987067

Debt moratoria : evidence from student loan forbearance

Dinerstein, Michael; Yannelis, Constantine; Chen, Ching-Tse - 2023

We evaluate the effects of the 2020 student debt moratorium that paused payments for student loan borrowers. Using administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for borrowers subject to the debt moratorium, as well...

Persistent link: https://www.econbiz.de/10014279793

Re-examining the decline in the US saving rate : the impact of mortgage equity withdrawal

Caporale, Guglielmo Maria; Costantini, Mauro; Paradiso, … - 2012

In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since … when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may … withdrawal and interest rates and find that indeed mortgage equity withdrawal is a key determinant of the observed saving pattern …

Persistent link: https://www.econbiz.de/10009571747

Supply restrictions, subprime lending and regional US house prices

Anundsen, André Kallåk; Heebøll, Christian - 2015

, mortgage credit constraints and a price-to-price feedback loop affects house price volatility. Considering 247 Metropolitan …

Persistent link: https://www.econbiz.de/10010488113

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