The paper investigates the extent to which household indebtedness suppressed consumption during the economic downturn …-to-income ratio is relatively stable over the sample period. The findings suggest that household indebtedness is amplifying the …

This paper investigates the impact of household debt on the consumption during the last reces-sion. The total financial … implications of household debt has re-ceived high attention recently. Although several theoretical studies rely on the … amplification effect of household debt when explaining the recent macroeconomic developments, there are only very few studies …