Standard economic theory says that unsecured, high-interest, short-term debt — such as borrowing via credit cards and … income shock of unemployment. Instead, individuals smooth their credit card debt and overdrafts by adjusting consumption. We … first use detailed longitudinal information on debit and credit card transactions, account balances, and credit lines from a …

We argue that positive co-movements between land prices and business investment are a driving force behind the broad … incorporating two key features into a DSGE model: We introduce land as a collateral asset in firms' credit constraints and we … joint dynamics of land prices and business investment …

We show that supply-side financial shocks have a large impact on firms' investment. We develop a new methodology to … of aggregate loan and investment fluctuations …

Which is the tighter constraint on private sector investment: weak property rights or limited access to external …

We review studies of the impact of credit constraints on the accumulation of human capital. Evidence suggests that … credit constraints are increasingly important for schooling and other aspects of households' behavior. We highlight the … importance of early childhood investments, since their response largely determines the impact of credit constraints on the …

activity. Most models share the feature that borrowers suffer a contraction in the quantity of credit. However, the evidence … the gap. This paper reviews both aggregate and micro level data and highlights the shift in the composition of credit … between loans and bonds. Motivated by the evidence, we formulate a model of direct and intermediated credit that captures the …