We estimate a structural model of household liquidity management in the presence of long-term mortgages. Households … accounts for the run-up in household debt and consumption boom prior to the financial crisis, their subsequent collapse, and …

effects of other indebtedness, household income, and the size of the program subsidy …

lead to indebted household demand, pushing down natural interest rates. Moreover, popular expansionary policies—such as …

This paper characterizes the labor supply and borrowing of a household facing collateral requirements that limit its … debt and compel it to accumulate equity in its durable goods stock. The household's discount rate exceeds the market rate … constraints generate a positive comovement between the household's debt, the stock of durable goods and labor supply following …

individual-pre-tax and household-post-tax earnings and across administrative (Social Security Administration) and survey (Panel … Study of Income Dynamics) data. We estimate two alternative processes for household after-tax earnings and study their …