Add to ORKGMarket innovations following the financial reforms of the early 1980's relaxed collateral constraints on households' borrowing. This paper examines the implications of this development for macroeconomic volatility. We combine collateral constraints on households with heterogeneity of thrift in a calibrated general equilibrium model, and we use this tool to characterize the business cycle implications of realistically lowering minimum down payments and rates of amortization for durable goods purchases. The model predicts that this relaxation of collateral constraints can explain a large fraction of the volatility decline in hours worked, output, household debt, and household durable goods purchases.Households - Economic aspects ; Macroeconom...
The covariance of regional consumption varies cross-sectionally and over time. Household-level borro...
We provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt ...
International audienceIn this paper, we study the effects of collaterals on business cycles and grow...
Market innovations following the financial reforms of the early 1980s drastically reduced equity req...
Market innovations following the ¯nancial reforms of the early 1980s drastically reduced equity requ...
The 'financial accelerator' model when applied to households states that shocks to household balance...
The co-movements of labor productivity with output, total hours, vacancies and unemployment have cha...
Bad economic times are typically associated with a high incidence of financial distress, e.g., insol...
https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=CEF2019&paper_id=
The financial labor supply accelerator links hours worked to minimum down payments for durable good ...
A salient feature of the recent recession is that regions that have experienced the largest changes ...
To explain the low-frequency variation in US equity and debt returns in the 20th century, we solve a...
When minimum down payments for durable purchases constrain a household’s debt, a persistent wage inc...
This paper develops a macroeconomic model of the interaction between consumer debt and firm debt ove...
Thesis (Ph. D.)--University of Rochester. Department of Economics, 2015.This thesis examines the rol...
The covariance of regional consumption varies cross-sectionally and over time. Household-level borro...
We provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt ...
International audienceIn this paper, we study the effects of collaterals on business cycles and grow...
Market innovations following the financial reforms of the early 1980s drastically reduced equity req...
Market innovations following the ¯nancial reforms of the early 1980s drastically reduced equity requ...
The 'financial accelerator' model when applied to households states that shocks to household balance...
The co-movements of labor productivity with output, total hours, vacancies and unemployment have cha...
Bad economic times are typically associated with a high incidence of financial distress, e.g., insol...
https://editorialexpress.com/cgi-bin/conference/download.cgi?db_name=CEF2019&paper_id=
The financial labor supply accelerator links hours worked to minimum down payments for durable good ...
A salient feature of the recent recession is that regions that have experienced the largest changes ...
To explain the low-frequency variation in US equity and debt returns in the 20th century, we solve a...
When minimum down payments for durable purchases constrain a household’s debt, a persistent wage inc...
This paper develops a macroeconomic model of the interaction between consumer debt and firm debt ove...
Thesis (Ph. D.)--University of Rochester. Department of Economics, 2015.This thesis examines the rol...
The covariance of regional consumption varies cross-sectionally and over time. Household-level borro...
We provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt ...
International audienceIn this paper, we study the effects of collaterals on business cycles and grow...