We show that the size of collateralized household debt determines an economy's vulnerability to crises of confidence …

Empirical credit demand analysis undertaken at the aggregate level obscures potential behavioral heterogeneity between … the credit cycle with respect to interest rates, output and house prices is found. The results motivate sector …

, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the heterogeneity in … household finances implies that responses of consumption to changes in the real interest rate and in house prices differ … substantially across countries, and within countries by household characteristics such as age, housing tenure, and asset positions …

the Singapore Life Panel survey to measure financial literacy to study its relationship with three aspects of household … financial and investment behaviors: credit card debt repayment, stock market participation, and adherence to age …-appropriate investment glide path. The financial literacy score is only weakly positively linked with timely credit card balance repayment …

matching estimator. The existing asympotic theory for this estimator does not cover situations in which the number of impulse …