for instrumental purposes. We then present an experiment that tests these ideas in the laboratory and finds support for …

There is little evidence on how the large market for credit score improvement products affects consumers or credit … market efficiency. A randomized encouragement design on a standard credit builder loan (CBL) identifies null average effects … on whether consumers have a credit score and the score itself, with important heterogeneity: those with loans outstanding …

Standard economic theory says that unsecured, high-interest, short-term debt -- such as borrowing via credit cards and … transitory income shock of unemployment. Instead, individuals smooth their credit card debt and overdrafts by adjusting … consumption. We first use detailed longitudinal information on debit and credit card transactions, account balances, and credit …

This paper develops a network model of interbank lending, in which banks decide to extend credit to their potential … literature on financial networks, we focus on how anticipation of future defaults may result in ex ante "credit freezes," whereby … banks refuse to extend credit to one another. We first characterize the terms of the interbank contracts and the patterns of …

-constrained investors to take excessive risks. Ignored are unconstrained investors speculating on higher prices during credit booms. To … encouraged a bank/brokerage-credit-fueled stock-market bubble. The direct effect is a 25 cent increase in a stock's market …

A growing literature shows that credit indicators forecast aggregate real outcomes. While researchers have proposed … simple, frictionless, model explains empirical findings commonly attributed to credit cycles. Our key assumption is that … firms have heterogeneous exposures to underlying economy-wide shocks. This leads to endogenous dispersion in credit quality …

Elasticity of Intertemporal Substitution (EIS). In the UK, the mortgage interest rate features discrete jumps - notches - at …

mortgage and small business lending by 23% to 60% more in areas located inside their home-representative's district than … considerations influence credit allocation in a politically mature system like the United States without the formal possibility of …

mortgage credit risk by Fannie Mae and Freddie Mac. We find that lenders charge Latinx/African-American borrowers 7.9 and 3 …