supply view of the episode, which holds that an increase in credit supply unrelated to fundamental improvements in income or …

theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and … countercyclical earnings risk (i.e., rather than having all households fare slightly worse than normal during recessions, we ensure … bankruptcy risk discouraging households from using credit. This finding contradicts the intuition that access to credit helps …

theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and … countercyclical earnings risk (i.e., rather than having all households fare slightly worse than normal during recessions, we ensure … bankruptcy risk discouraging households from using credit. This finding contradicts the intuition that access to credit helps …

theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and … countercyclical earnings risk (i.e., rather than having all households fare slightly worse than normal during recessions, we ensure … bankruptcy risk discouraging households from using credit. This finding contradicts the intuition that access to credit helps …

dollar of debt in the event of bankruptcy relative to firms where the CEO does not have inside debt. Consistent with theory …

exposure to macroeconomic risk, and that FD can increase macroeconomic vulnerability. To do this, we first establish three …