A leading explanation for the lack of widespread mortgage renegotiation is the existence of
frictions in the mortgage securitization process. This paper finds similarly small renegotiation …

We build a dataset of quarterly hours worked for 14 OECD countries. We document that
hours are as volatile as output, that a large fraction of labor adjustment takes place along the …

Unemployed households' access to unsecured revolving credit more than tripled over the
last three decades. This article analyses how both cyclical fluctuations and trend increases …

Since 2007, many fundamental aspects of the economy and the labor market have changed
dramatically. With the exception of Medicaid, subsidies flowing to the unemployed and …

How do consumer credit markets affect the allocation of workers to firms, output, and labour
productivity? We address this question in two steps. First, we use new micro-data to estimate …

The recession of 2007-09 witnessed high rates of unemployment that have been slow to
recede. This has led many to conclude that structural changes have occurred in the labor …

We investigate how the deterioration of household balance sheets affects worker
productivity, and in turn economic downturns. Specifically, we compare the output of …

There are two prevailing theories of borrower default: strategic default—when debt is too
high relative to the value of the house—and adverse life events—such that the monthly …

A recent decline in internal migration in the United States may have been caused in part by
falling house prices, through the “lock in” effects of financial constraints faced by households …

The latest US economic recession, commonly referred to as the Great Recession, has had a
far-reaching impact, but its effects may be disproportionately experienced by working-age …