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Jobless Recoveries and the Revolving Credit Revolution (Preliminary)
Herkenhoff, Kyle - 2013
Access to revolving credit more than doubled between 1983 and 1992 among both employed and unemployed households, and new evidence suggests that close to 20% of unemployed households use revolving credit to replace lost income. Labor markets have also experienced sluggish recoveries following...
Persistent link: https://www.econbiz.de/10013085181
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Does government-backed lending prevent unemployment? : an assessment of the Swiss COVID-19 lending program
Kaufmann, Daniel - 2020
variation in the Swiss COVID-19 lending program. The rules of the program introduce variation in loan supply across Cantons …
Persistent link: https://www.econbiz.de/10012268546
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Household Credit and Employment in the Great Recession
Mondragon, John - 2018
How much did shocks to household credit supply reduce employment in the Great Recession? To answer this question, I provide a general foundation for shift-share credit supply shocks, which shows that they are useful for accounting, but direct estimates may be biased. Combining the shift-share...
Persistent link: https://www.econbiz.de/10012937678
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Rebuilding Household Credit Histories : Slow Jobless Recovery from Mortgage Crises
Luo, Guannan - 2015
This paper demonstrates that credit reporting -- banks observing households' default histories -- can cause slow … that with credit reporting, banks offer higher loan-to-value ratios on mortgages but the default risks on them are higher … banks' liquidity. These effects are absent without credit reporting …
Persistent link: https://www.econbiz.de/10013033400
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Unemployment, Negative Equity, and Strategic Default
Gerardi, Kristopher - 2014
Using new household level data, we quantitatively assess the roles that (i) job loss, (ii) negative equity, and (iii) wealth (including unsecured debt, liquid, and illiquid assets) play in default decisions. In sharp contrast to prior studies that proxy for individual unemployment status using...
Persistent link: https://www.econbiz.de/10013063505
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Unemployment, negative equity, and strategic default
Gerardi, Kristopher; Herkenhoff, Kyle F.; Ohanian, Lee E.; … - 2013
Using new household-level data, we quantitatively assess the roles that job loss, negative equity, and wealth (including unsecured debt, liquid assets, and illiquid assets) play in default decisions. In sharp contrast to prior studies that proxy for individual unemployment status using regional...
Persistent link: https://www.econbiz.de/10009778409
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The macroeconomics of labor and credit market imperfections
Wasmer, Etienne; Weil, Philippe - 2000
Labor market frictions are not the only possible factor responsible for high unemployment. Credit market imperfections, driven by microeconomic frictions and impacted upon by macroeconomic factors such as monetary policy, could also be to blame. This paper shows that labor and credit market...
Persistent link: https://www.econbiz.de/10011336864
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Credit frictions and labor market dynamics
Hristov, Atanas - 2009
We outline the case for credit frictions and a demand side aspect to labor market fluctuations. To illustrate the above proposition, we present a simple framework to analyze the joint dependence between a labor search problem in the labor market and a costly state verification problem in the...
Persistent link: https://www.econbiz.de/10011387314
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European Deposit Insurance and Resolution in the Banking Union
Gros, Daniel - 2014
supervisory powers for the largest euro area banks. We also illustrate how a gradual transition could align incentives and …
Persistent link: https://www.econbiz.de/10013066150
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Does Temporary Mortgage Assistance for Unemployed Homeowners Reduce Longer Term Mortgage Default? An Analysis of the Hardest Hit Fund Program
Moulton, Stephanie - 2020
The substantial costs of foreclosures to individuals and society motivated nearly $40 billion in government subsidies to homeowners during the Great Recession. Most of these subsidies were in the form of permanent loan modifications with mixed evidence of effectiveness. This paper estimates the...
Persistent link: https://www.econbiz.de/10012838907