This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity-credit …--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals …

Credit facilitates migration, and it may also provide a theoretical framework to understand it. This Essay examines the … role of credit and financing in migration by focusing on changes to the “public charge” ground of inadmissibility … credit …

of lenders not observing a borrower's true credit score but only seeing an aggregate credit category. We find that … borrower's credit score. This inference is economically significant and allows lenders to lend at a 140-basis-points lower rate … for borrowers with (unobserved to lenders) better credit scores within a credit category. While lenders infer the most …

Standard economic theory says that unsecured, high-interest, short-term debt -- such as borrowing via credit cards and … transitory income shock of unemployment. Instead, individuals smooth their credit card debt and overdrafts by adjusting … consumption. We first use detailed longitudinal information on debit and credit card transactions, account balances, and credit …