| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25685 |
| 来源ID | Working Paper 25685 |
| Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession | |
| Adrien Auclert; Will S. Dobbie; Paul Goldsmith-Pinkham | |
| 发表日期 | 2019-03-25 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper argues that the debt forgiveness provided by the U.S. consumer bankruptcy system helped stabilize employment levels during the Great Recession. We document that over this period, states with more generous bankruptcy exemptions had significantly smaller declines in non-tradable employment and larger increases in unsecured debt write-downs compared to states with less generous exemptions. We interpret these reduced form estimates as the relative effect of debt relief across states, and develop a general equilibrium model to recover the aggregate employment effect. The model yields three key results. First, substantial nominal rigidities are required to rationalize our reduced form estimates. Second, with monetary policy at the zero lower bound, traded good demand spillovers across states boosted employment everywhere. Finally, the ex-post debt forgiveness provided by the consumer bankruptcy system during the Great Recession increased aggregate employment by almost two percent. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Business Cycles ; International Economics ; International Macroeconomics ; Other ; Law and Economics |
| URL | https://www.nber.org/papers/w25685 |
| 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/583358 |
| 推荐引用方式 GB/T 7714 | Adrien Auclert,Will S. Dobbie,Paul Goldsmith-Pinkham. Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession. 2019. |
| 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 | ||
| w25685.pdf（1080KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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