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

We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using … individual-level micro data from Denmark. The reform allows us to disentangle the role of credit access from wealth effects that … typically confound analyses of the collateral channel. We find that a $30,000 increase in credit availability led to a 12 basis …

household expectations. …

One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low …-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 …

We analyze the effectiveness of consumer financial regulation by considering the 2009 Credit Card Accountability … data set covering over 160 million credit card accounts, we find that regulatory limits on credit card fees reduced overall … of an offsetting increase in interest charges or a reduction in volume of credit, although we are unable to analyze …

The intersection of research and policy on consumer credit often has a Goldilocks feel. Some researchers and … policymakers posit that consumer credit markets produce too much credit. Other researchers and policymakers posit that markets … produce too little credit. I review theories and evidence on inefficient consumer credit supply. For each of eight classes of …

macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth …

, we provided information on local credit options and lowered the eligibility requirements for an initial small loan … do not borrow because they do not want to risk losing their collateral. These results suggest that, while simply … side, however. More work needs to be done to understand what savings and credit products are best suited for the majority …