Consumer over-indebtedness has increased globally in recent decades, along with
consumer credit. This article presents a systematic literature review on the topic of consumer …

This survey discusses recent contributions to the quantitative literature on unsecured
consumer debt and default, and some ongoing challenges for the literature. Key topics …

This paper studies the role of moral hazard and liquidity in driving household bankruptcy.
First, I estimate that increases in potential debt forgiveness have a positive, but small, effect …

In this survey, we review the quantitative macroeconomic literature analyzing consumer debt
and default. We start by providing an overview of consumer bankruptcy law in the US and …

The debt relief households obtain in bankruptcy provides insurance against wealth losses,
but also distorts borrower incentives to repay debt, discouraging lending. Understanding …

More debt forgiveness directly benefits households but indirectly makes credit more
expensive. How does aggregate risk affect this trade‐off? In a calibrated general equilibrium …

In 2005, more than two million Americans—six out of every 1,000 people—filed for
bankruptcy. Though personal bankruptcy rates have since stabilized, bankruptcy remains an …

We quantitatively evaluate the effects of UI on bankruptcy in an equilibrium model of labor
market search and defaultable debt. First, we ask whether a standard unsecured credit …

We quantitatively evaluate the effects of UI on bankruptcy in an equilibrium model of labor
market search and defaultable debt. First, we ask whether a standard unsecured credit …

Borrowers are subject to adverse labor income shocks, such as job loss, that are a major
reason for consumer bankruptcy. I study how unemployment insurance (UI) interacts with …