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The impact of consumer credit access on unemployment

Author: Kyle F Herkenhoff; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 25187.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Unemployed households' access to unsecured revolving credit more than tripled over the last three decades. This paper analyzes how both cyclical fluctuations and trend increases in credit access impact the business cycle. The main quantitative result is that credit expansions and contractions have contributed to moderately deeper and more protracted recessions over the last 40 years. As more individuals obtained  Read more...
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Details

Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Kyle F Herkenhoff; National Bureau of Economic Research,
OCLC Number: 1061151401
Notes: "October 2018"
Description: 1 online resource (51 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25187.
Responsibility: Kyle F. Herkenhoff.

Abstract:

Unemployed households' access to unsecured revolving credit more than tripled over the last three decades. This paper analyzes how both cyclical fluctuations and trend increases in credit access impact the business cycle. The main quantitative result is that credit expansions and contractions have contributed to moderately deeper and more protracted recessions over the last 40 years. As more individuals obtained credit from 1977 to 2010, cyclical credit fluctuations affected a larger share of the population and became more important determinants of employment dynamics. Even though business cycles are more volatile, newborns strictly prefer to live in the economy with growing, but fluctuating, access to credit markets.

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