This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study …; and for both types of recession, more credit-intensive expansions tend to be followed by deeper recessions and slower … controls and their lags. Then we study how past credit accumulation impacts the behavior of not only output but also other key …

greater sensitivity of more highly rated credit to variation in the supply of Treasuries. The channel through which this …

aggregate data. Changes in household credit limits explain 40% of the differential rise and fall of employment across states … gradual, credit shocks greatly slowed the recovery …

justification for this pattern based on adverse selection that entrepreneurs face in credit markets. Individuals choose between …-subsidization in the credit market equilibrium results in excessive (insufficient) entry of low-skilled (high-skilled) agents into …

This paper isolates the causal impact of neighborhood environment on credit outcomes of low-income borrowers by … families vouchers to move to better neighborhoods via randomized lottery. We find higher credit scores and use among those …

official beginning of the recession in the fourth quarter of 2007. Similarly, counties with the highest reliance on credit card … statistical model shows that household leverage growth and dependence on credit card borrowing as of 2006 explain a large fraction …