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During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the...
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poverty. Many households above the poverty line are food insecure; many below are not. We investigate a lack of financial …
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impact of financial literacy on poverty, which is a downstream welfare indicator. Consequently, we have constructed a … composite financial literacy index. Our results reveal that financial literacy plays an important role in reducing poverty. This …
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