| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17117 |
| DP17117 Consumer Bankruptcy, Mortgage Default and Labor Supply | |
| Wenli Li; Costas Meghir | |
| 发表日期 | 2022-03-18 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks, {education specific} productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic institutional framework in the US as implied by Chapter 7 and Chapter 13. The model is estimated using micro data on credit reports and mortgages combined with data from the American Community Survey. We use the model to understand the relative importance of the two chapters (7 and 13) for each of our two education groups that differ in both preferences and wage profiles. We also provide an evaluation of the BACPCA reform. Our paper demonstrates importance of distributional effects of Bankruptcy policy. |
| 主题 | Financial Economics ; Labour Economics ; Public Economics |
| 关键词 | Lifecycle Bankruptcy Mortgage default Housing Labor supply Consumption Education Insurance Moral hazard |
| URL | https://cepr.org/publications/dp17117 |
| 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/546093 |
| 推荐引用方式 GB/T 7714 | Wenli Li,Costas Meghir. DP17117 Consumer Bankruptcy, Mortgage Default and Labor Supply. 2022. |
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