منابع مشابه
Anticipated Changes in Household Debt and Consumption
This paper evaluates how anticipated changes in household debt associated with the leveraged purchase of housing a ects consumption. I build a heterogeneous agent model, calibrated to match the distribution of income and wealth within the US economy, in which households are subject to uninsurable income shocks and can save in both liquid and illiquid assets. I show that the marginal propensity ...
متن کاملHousehold Debt and Aggregate Consumption Expenditures
This paper shows that the debt burden of households, as measured by the debt service to income ratio, is helpful in forecasting the future growth of consumption expenditures. Using data for the United States over the period 1960-97, I find a significant negative relationship between the debt-service ratio of households and future aggregate spending growth. This effect is statistically important...
متن کاملAnticipated Changes in Household Debt and Consumption
This paper evaluates how anticipated changes in household debt associated with the leveraged purchase of housing a ects consumption. I build a heterogeneous agent model, calibrated to match the distribution of income and wealth within the US economy, in which households are subject to uninsurable income shocks and can save in both liquid and illiquid assets. I show that the marginal propensity ...
متن کاملHousehold Debt and Consumption Inequality: The Spanish Case
The aim of this paper is twofold. On the one hand, we attempt to find out whether Spanish households took part in a process of substituting loans for wages during the period before the beginning of the current economic crisis. On the other hand, we try to identify the consequences of such process in the evolution of income and consumption inequalities. The theoretical framework to deal with the...
متن کاملIs A Household Debt Overhang Holding Back Consumption?
The recent plunge in U.S. home prices left many households that had borrowed voraciously during the credit boom highly leveraged, meaning that they had very high levels of debt relative to the value of their assets. Analysts often assert that this “debt overhang” created a need for household deleveraging that, in turn, has been depressing consumer spending and impeding the economic recovery. Th...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2016
ISSN: 1556-5068
DOI: 10.2139/ssrn.2942502