G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w18941
来源IDWorking Paper 18941
Household Leveraging and Deleveraging
Alejandro Justiniano; Giorgio E. Primiceri; Andrea Tambalotti
发表日期2013-04-04
出版年2013
语种英语
摘要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Macroeconomics ; Consumption and Investment ; Money and Interest Rates
URLhttps://www.nber.org/papers/w18941
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/576616
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GB/T 7714
Alejandro Justiniano,Giorgio E. Primiceri,Andrea Tambalotti. Household Leveraging and Deleveraging. 2013.
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