countercyclical earnings risk (i.e., rather than having all households fare slightly worse than normal during recessions, we ensure … that more households than normal fare very poorly). Second, does access to credit smooth aggregate consumption or aggregate … bankruptcy risk discouraging households from using credit. This finding contradicts the intuition that access to credit helps …

-income households increased their demand for credit to finance higher consumption expenditures in order to "keep up" with higher …-income households. Using household level data on debt accumulation during 2001-2012, we show that low-income households in high …

wages, households earn large, negative average returns from holding cows and buffaloes, at negative 64% and negative 39 … estimated average returns for cows is negative 6% and positive 13% for buffaloes. Why do households continue to invest in …

and US households are more similar in their attitude toward risk than in their intertemporal substitutability of …

expectations with consumption data from the Consumer Expenditure Survey, I find that consumption of high-income households …