Albuquerque, Bruno; Krustev, Georgi - In: Essays in empirical macroeconomics: zooming on …, (pp. 41-74). 2017
Using a novel dataset for the US states, this paper examines whether household debt and the protracted debt deleveraging help explain the dismal performance of US consumption since 2007, in the aftermath of the housing bubble. By separating the concepts of deleveraging and debt overhang - a flow...
