We document the cyclical properties of unsecured consumer credit (procyclical and volatile) and of consumer … access to unsecured credit (because of bankruptcy costs) and aggregate shocks, we show that the cyclical behavior of … household earnings growth accounts for these properties, albeit not for the large volatility of credit. We find that tilting …

We study how forcing financially distressed consumer debtors to repay a larger fraction of debt can lead them to …. Finally, we find that those debtors who misreported income had a lower probability of default on their debt repayment plans …

productivity was the shock that initiated the household debt boom and bust. The credit supply view is supported by four facts …; such borrowing was prevalent in all but the top 20% of the credit score distribution and was the primary driver of the rise … in aggregate household debt. Fourth, the default crisis was driven mainly by lower credit score individuals. The view …

productivity was the shock that initiated the household debt boom and bust. The credit supply view is supported by four facts …; such borrowing was prevalent in all but the top 20% of the credit score distribution and was the primary driver of the rise … in aggregate household debt. Fourth, the default crisis was driven mainly by lower credit score individuals. The view …

play in this respect focuses on corporate loans rather than on household credit. The improvement of financing conditions … stimulate household credit, in particular consumer loans. Nevertheless, in order to avoid past mistakes, regulators should … continue to develop a framework where consumer loans (and by extension household credit) contributes to the economy in a …

In this study, the relation between consumer credit and real economic activity during the Great Moderation is studied …. Investors, who hold the economy’s capital stock, own the firms and supply credit, and workers, who supply labor and demand … credit to finance consumption. Furthermore, workers seek to minimize the difference between investors’ and their own …