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Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission
Agarwal, Sumit - 2020
-in-differences analysis shows that compared with homeowners without mortgage obligations, mortgagors increased their monthly credit card … spending by 7.2% after the 230bps mortgage rate reduction announced in September 2008. We find a significant spending response … after the mortgage rate reset. Subsequent to an interest-rate-increase episode, mortgagors symmetrically reduced their …
Persistent link: https://www.econbiz.de/10012850684
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Consumer bankruptcy, mortgage default and labour supply
Li, Wenli; Meghir, Costas; Oswald, Florian - 2022
individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …
Persistent link: https://www.econbiz.de/10013167646
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Consumer Bankruptcy, Mortgage Default and Labor Supply
Li, Wenli; Meghir, Costas; Oswald, Florian - 2022
individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …
Persistent link: https://www.econbiz.de/10013294054
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Consumer Bankruptcy, Mortgage Default and Labor Supply
Li, Wenli; Meghir, Costas; Oswald, Florian - 2022
individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …
Persistent link: https://www.econbiz.de/10013492266
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Unsecured Credit Supply over the Credit Cycle : Evidence from Credit Card Mailings
Han, Song - 2013
Using a unique dataset of credit card mailings, we show that during the recent credit boom, consumers with mediocre credit scores received more credit card solicitations than those with high credit scores. However, this relationship reversed after the financial crisis. We also nd that consumers...
Persistent link: https://www.econbiz.de/10013093419
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Consumer Default, Credit Reporting and Borrowing Constraints
Garmaise, Mark J. - 2016
Why do negative credit events lead to long-term borrowing constraints? Exploiting banking regulations in Peru and utilizing currency movements, we show that consumers who face a credit rating downgrade due to bad luck experience a three-year reduction in financing. Consumers respond to the shock...
Persistent link: https://www.econbiz.de/10012978257
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Effects of Bankruptcy Asset Exemptions and Foreclosure Laws on Mortgage Default and Foreclosure Rates
Desai, Chintal A. - 2012
bankruptcy asset exemptions and mortgage foreclosure laws on mortgage defaults across different segments of the mortgage market …. Certain provisions of foreclosure laws, such as judicial foreclosure, are associated with a higher level of mortgage defaults … statistically significant non-linear relationship between bankruptcy asset exemptions and mortgage defaults …
Persistent link: https://www.econbiz.de/10013116433
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Household Debt Overhang and Unemployment
Donaldson, Jason Roderick - 2019
We use a labor-search model to explain why the worst employment slumps often follow expansions of household debt. We find that households protected by limited liability suffer from a household-debt-overhang problem that leads them to require high wages to work. Firms respond by posting high...
Persistent link: https://www.econbiz.de/10012895642
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Household Debt : Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - 2014
Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...
Persistent link: https://www.econbiz.de/10013047673
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Liquidity Constraint Threat and Household Indebtedness
Agarwal, Sumit; Qian, Wenlan; Zou, Xin - 2023
Using individual-level credit card data from a Singapore financial institution, this paper investigates the effectiveness of a consumer financial regulation aiming to reduce household unsecured debt accumulation. A threat of suspending all existing unsecured credit induces the credit card...
Persistent link: https://www.econbiz.de/10014350728