| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16965 |
| 来源ID | Working Paper 16965 |
| Household Leverage and the Recession | |
| Callum Jones; Virgiliu Midrigan; Thomas Philippon | |
| 发表日期 | 2011-04-21 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We evaluate and partially challenge the ‘household leverage’ view of the Great Recession. In the data, employment and consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the response of consumption and employment to changes in debt. We estimate the model with Bayesian methods combining state and aggregate data. Changes in household credit limits explain 40% of the differential rise and fall of employment across states, but a small fraction of the aggregate employment decline in 2008-2010. Nevertheless, since household deleveraging was gradual, credit shocks greatly slowed the recovery. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Monetary Policy ; Financial Economics |
| URL | https://www.nber.org/papers/w16965 |
| 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/574640 |
| 推荐引用方式 GB/T 7714 | Callum Jones,Virgiliu Midrigan,Thomas Philippon. Household Leverage and the Recession. 2011. |
| 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 | ||
| w16965.pdf（995KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
