little credit risk. The borrowing in this model takes the form of a repurchase agreement ("repo") or asset-backed commercial …" (the information state gets worse), or "no news" (the information state remains the same). When rollover risk is high … during the crisis for asset-backed securities with low credit risk once bad news about the underlying cash flows arrived. …

household's business. We also present some evidence of increases in profits and a reduction in consumption and savings. There is … no evidence that the program increased overall household income. …

decline in default risk by expanding credit access and reducing interest rates for low-income households at risk of being laid …

substantial differences in household saving rates. Borrower default risk and card characteristics explain roughly 40% of APRs. The … price the same observable risk metrics quite differently. Borrower debt (mis)allocation across cards explains little …

household expectations. …

One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low …-income households. Using household level data on debt accumulation during 2001-2012, we show that low-income households in high …