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来源类型Working Paper
规范类型报告
DOI10.3386/w16965
来源IDWorking 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
URLhttps://www.nber.org/papers/w16965
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/574640
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Callum Jones,Virgiliu Midrigan,Thomas Philippon. Household Leverage and the Recession. 2011.
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