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 …

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 …

We examine how consumer credit affects entrepreneurship by linking three million earnings
and pass-through tax records to credit reports. In the cross-section, we show that self …

Family economic well-being refers to a family economic status that has sustainably
adequate economic resources to live a comfortable life. This chapter first proposes a …

From 2008 to 2010 a handful of Property-Assessed Clean Energy (PACE) programs offered
property-secured loans to homeowners for residential clean energy investments. This …

The present study combines insights from social psychology and economics by examining
the role of savings habits in regular saving. As frequently practiced, automatic, and goal …

Using a property-level data set of houses in Los Angeles County, I estimate that about 15%
of the recent surge in mortgage defaults is attributable to early cohorts of homebuyers who …

This paper examines how differences in state foreclosure laws influence the incidence of
default in the residential mortgage market. In particular, we examine how judicial review …

What are the positive and normative implications of eliminating bankruptcy protection for
indebted individuals? Without bankruptcy protection, creditors can collect on defaulted debt …