| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9671 |
| DP9671 Household Leveraging and Deleveraging | |
| Andrea Tambalotti; Giorgio Primiceri; Alejandro Justiniano | |
| 发表日期 | 2013-10-06 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Abstract. U.S. households' debt skyrocketed between 2000 and 2007, and has been falling since. This leveraging (and deleveraging) cycle cannot be accounted for by the liberalization, and subsequent tightening, of credit standards in mortgage markets observed during the same period. We base this conclusion on a quantitative dynamic general equilibrium model calibrated using macroeconomic aggregates and microeconomic data from the Survey of Consumer Finances. From the perspective of the model, the credit cycle is more likely due to factors that impacted house prices more directly, thus affecting the availability of credit through a collateral channel. In either case, the macroeconomic consequences of leveraging and deleveraging are relatively minor, because the responses of borrowers and lenders roughly wash out in the aggregate. |
| 主题 | International Macroeconomics |
| 关键词 | Collateral constraints Financial liberalization House prices Household debt |
| URL | https://cepr.org/publications/dp9671 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538507 |
| 推荐引用方式 GB/T 7714 | Andrea Tambalotti,Giorgio Primiceri,Alejandro Justiniano. DP9671 Household Leveraging and Deleveraging. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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