Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

The U.S. household carries over $7,500 in uncollateralized debt and likely saves at a negative rate. There is a growing body of evidence that this borrowing and saving behavior may not, as assumed by standard economics, be the product of rational financial planning. This paper discusses insights...