that more households than normal fare very poorly). Second, does access to credit smooth aggregate consumption or aggregate … hours worked, and if so, does it matter with respect to the nature of business cycles? No, it does not; in fact, consumption … households to smooth their consumption …

drop in mortgage defaults, an increase in new financing of durable consumption (auto purchases) of more than 10% in … relative terms, and an overall improvement in household credit standing. New financing of durable consumption by borrowers with … deleveraging response that can significantly restrict the ability of monetary policy to stimulate these households' consumption …

are concentrated among the young population due to higher alcohol consumption combined with tight liquidity constraints …