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This paper studies equilibrium dynamics in consumer durable goods markets after aggregate credit shocks. We introduce …
Persistent link: https://www.econbiz.de/10012851188
with the highest reliance on credit card borrowing reduced durable consumption by significantly more following the … financial crisis of the fall of 2008. Overall, our estimates show that household leverage growth and dependence on credit card …
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aggregate data. Changes in household credit limits explain 40 percent of the differential rise and fall of employment across … gradual, credit shocks greatly slowed the recovery …
Persistent link: https://www.econbiz.de/10012910353
The purpose of this lecture is to look beyond the complex events that characterize the global financial and economic crisis, identify the basic mechanisms, and infer the policies needed to resolve the current crisis, as well as the policies needed to reduce the probability of similar events in...
Persistent link: https://www.econbiz.de/10013160355
The purpose of this lecture is to look beyond the complex events that characterize the global financial and economic crisis, identify the basic mechanisms, and infer the policies needed to resolve the current crisis, as well as the policies needed to reduce the probability of similar events in...
Persistent link: https://www.econbiz.de/10014211583
consequences of the contraction of credit intermediation, these effects were largest for smaller firms and for industrials, whose …
Persistent link: https://www.econbiz.de/10013103266
Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet … impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms …
Persistent link: https://www.econbiz.de/10013128396