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Household Leverage and the Recession.

Author: Callum Jones; Virgiliu Midrigan; Thomas Philippon
Publisher: Washington, D.C. : International Monetary Fund, 2018.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Jones, Callum.
Household Leverage and the Recession.
Washington, D.C. : International Monetary Fund, ©2018
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Callum Jones; Virgiliu Midrigan; Thomas Philippon
ISBN: 9781484375020 1484375025
OCLC Number: 1054062424
Description: 1 online resource (52 pages)
Contents: Cover; Household Leverage and the Recession; Introduction; A Simplified Closed-Economy Real Model; An Island Monetary Economy with Price Rigidities; Estimation; Credit Shocks in the Great Recession; Robustness; Conclusions.

Abstract:

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 percent 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.

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