| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11330 |
| 来源ID | Working Paper 11330 |
| The Role of Collateralized Household Debt in Macroeconomic Stabilization | |
| Jeffrey R. Campbell; Zvi Hercowitz | |
| 发表日期 | 2005-05-09 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Market innovations following the financial reforms of the early 1980s relaxed collateral constraints on household borrowing. The present paper examines the contribution of this development to the macroeconomic stabilization that occurred shortly thereafter. The model combines collateral constraints on households with heterogeneity of thrift in a calibrated general equilibrium setup. We use this tool to characterize the business cycle implications of lowering required down payments and rates of amortization for durable goods purchases as in the early 1980s. The model predicts that this relaxation of collateral constraints can explain a large fraction of the actual volatility decline in hours worked, output, household debt, and household durable goods purchases. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w11330 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568969 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Campbell,Zvi Hercowitz. The Role of Collateralized Household Debt in Macroeconomic Stabilization. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11330.pdf（326KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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