Recent developments in consumer credit and default literature
I Livshits - A Collection of Reviews on Savings and Wealth …, 2016 - Wiley Online Library
This survey discusses recent contributions to the quantitative literature on unsecured
consumer debt and default, and some ongoing challenges for the literature. Key topics …
consumer debt and default, and some ongoing challenges for the literature. Key topics …
A quantitative analysis of the US housing and mortgage markets and the foreclosure crisis
S Chatterjee, B Eyigungor - Review of Economic Dynamics, 2015 - Elsevier
We present a model of long-duration collateralized debt with risk of default. Applied to the
housing market, it can match the homeownership rate, the average foreclosure rate, and the …
housing market, it can match the homeownership rate, the average foreclosure rate, and the …
The dynamics of sovereign debt crises and bailouts
Motivated by the recent European debt crisis, this paper investigates the scope for a bailout
guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks …
guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks …
How credit constraints impact job finding rates, sorting, and aggregate output
K Herkenhoff, G Phillips… - Review of Economic …, 2024 - academic.oup.com
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 …
productivity? We address this question in two steps. First, we use new micro-data to estimate …
The impact of foreclosure delay on US employment
KF Herkenhoff, LE Ohanian - Review of Economic Dynamics, 2019 - Elsevier
This paper studies the impact of foreclosure delay on the US labor market. We first document
that the average time required to initiate and complete a home foreclosure rose from 9 …
that the average time required to initiate and complete a home foreclosure rose from 9 …
The effect of principal reduction on household distress: Evidence from mortgage cramdown
Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a
mortgage during Chapter 13 bankruptcy before the Supreme Court disallowed this practice …
mortgage during Chapter 13 bankruptcy before the Supreme Court disallowed this practice …
Bankruptcy law and the cost of credit: The impact of cramdown on mortgage interest rates
Recent proposals to address housing market troubles through principal modification could
increase the cost of credit in the mortgage market. We explore this possibility using historical …
increase the cost of credit in the mortgage market. We explore this possibility using historical …
The securitization flash flood
K Srinivasan - The Review of Corporate Finance Studies, 2024 - academic.oup.com
This paper highlights a connection between the stability of a bank's funding sources (debt
claims) and the liquidity of assets backing those claims. Using a natural experiment and …
claims) and the liquidity of assets backing those claims. Using a natural experiment and …
Jobless Recoveries and the Revolving Credit Revolution (Preliminary)
K Herkenhoff - Available at SSRN 2233201, 2013 - papers.ssrn.com
Access to revolving credit more than doubled between 1983 and 1992 among both
employed and unemployed households, and new evidence suggests that close to 20% of …
employed and unemployed households, and new evidence suggests that close to 20% of …
The Dynamics of Sovereign Debt Crises and Bailouts
Motivated by the recent European debt crisis, this paper investigates the scope for a bailout
guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks …
guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks …