Nakajima, Makoto; Ríos-Rull, José-Víctor - 2019
household earnings growth accounts for these properties, albeit not for the large volatility of credit. We find that tilting … household consumption towards goods that can be purchased on credit and a slight countercyclicality in the terms of access to …We document the cyclical properties of unsecured consumer credit (procyclical and volatile) and of consumer …