We exploit variation in mortgage modifications to disentangle the impact of reducing long-
term obligations with no change in short-term payments (“wealth”), and reducing short-term …

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

In this paper, we solve a dynamic model of households' mortgage decisions incorporating
labor income, house price, inflation, and interest rate risk. Using a zero‐profit condition for …

We examine the impact of the COVID-19 economic crisis on business and consumer
bankruptcies in the United States using real-time data on the universe of filings. Historically …

This article explores the causes and consequences of cross-country variation in mortgage
market structure. It draws on insights from several fields: urban economics, asset pricing …

The paper studies the determinants of international differences in household indebtedness,
and inquires whether indebtedness is associated with increased" financial fragility", as …

We analyze older individuals' debt and financial vulnerability using data from the Health and
Retirement Study (HRS) and the National Financial Capability Study (NFCS). In the HRS, we …

Bankruptcy is the legal process by which the debts of firms, individuals, and occasionally
governments in financial distress are resolved. Bankruptcy law always includes three …

I study the implications of two major debt-relief policies in the United States: the Bankruptcy
Abuse Prevention and Consumer Protection Act (BAPCPA) and the Home Affordable …

Complex mortgages became a popular borrowing instrument during the bullish housing
market of the early 2000s but vanished rapidly during the subsequent downturn. These non …