We show that the size of collateralized household debt determines an economy's vulnerability to crises of confidence … a collateral constraint. Over a specific range of debt levels this liquidity feedback effect is strong enough to give …

We show that the size of collateralized household debt determines an economy's vulnerability to crises of confidence … a collateral constraint. Over a specific range of debt levels this liquidity feedback effect is strong enough to give …

We show that the size of collateralized household debt determines an economy's vulnerability to crises of confidence … a collateral constraint. Over a specific range of debt levels this liquidity feedback effect is strong enough to give …

faced by consumers. We use the structure of an economy with collateralized household debt and housing markets to develop and …

As Korea's household debt has increased rapidly since the mid-2000s, concerns that its economy's hard-wired leveraging … long-run trend. Housing preferences and monetary shocks can both trigger deleveraging, as most household debt is profoundly … macroeconomic effects of deleveraging. Because a lower loan-to-value (LTV) ceiling limits the size of household debt, the …

Market innovations following the financial reforms of the early 1980s relaxed collateral constraints on household … collateral constraints can explain a large fraction of the actual volatility decline in hours worked, output, household debt, and … shortly thereafter. The model combines collateral constraints on households with heterogeneity of thrift in a calibrated …

Market innovations following the financial reforms of the early 1980s relaxed collateral constraints on household … collateral constraints can explain a large fraction of the actual volatility decline in hours worked, output, household debt, and … shortly thereafter. The model combines collateral constraints on households with heterogeneity of thrift in a calibrated …