This paper looks at arrears among US households between 1995 and 2013. It uses household data from the Survey of … Consumer Finances (SCF) where arrears occur when a household reports it “sometimes got behind or missed a payment”. The key …

. From 2009:Q3 to 2011:Q3, aggregate household debt declined by about $1.5 trillion in real terms, with mortgage debt falling … by about $1 trillion. Other than defaults, the factors driving the decline in aggregate debt are not precisely understood … individual credit records to better understand why mortgage debt has declined. I decompose changes in aggregate mortgage debt …

. From 2009:Q3 to 2011:Q3, aggregate household debt declined by about $1.5 trillion in real terms, with mortgage debt falling … by about $1 trillion. Other than defaults, the factors driving the decline in aggregate debt are not precisely understood … individual credit records to better understand why mortgage debt has declined. I decompose changes in aggregate mortgage debt …

How much did shocks to household credit supply reduce employment in the Great Recession? To answer this question, I … by 3 percent. In partial equilibrium, the household credit channel implies employment losses equal to at least 20 percent …

In this paper we provide what we believe to be the first evidence on the nature of gross debt flows across consumers …. We find that the aggregate dynamics in the consumer debt market are largely explained by the behavior of consumers with … mortgage debt, and the behavior of such consumers is found to be sensitive to changes in housing market conditions. Our results …

The goal of this paper is to show that household-level financial distress (FD) varies greatly, meaning there is unequal …. Using an empirically disciplined and institutionally rich model of consumer debt and default, we show that in the shocks …