Unsecured debt with public insurance: From bad to worse

Journal of Monetary Economics

Volumn 53, Issue 4, 2006, Pages 797-825

  Athreya, Kartik B ^a   Simpson, Nicole B ^b  

^a FEDERAL RESERVE BANK OF RICHMOND   (United States)

^b Assistant Professor in the University Libraries   (United States)

Author keywords

Bankruptcy; Incomplete markets; Unemployment

Indexed keywords

EID: 33744547821     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2005.02.007     Document Type: Article

References (45)

1. Aiyagari S.R., and McGrattan E.R. The optimum quantity of debt. Journal of Monetary Economics 42 3 (1998) 447-469
2. Alvarez F., and Veracierto M. Severance payments in an economy with frictions. Journal of Monetary Economics 47 3 (2001) 477-498
3. Arulampalam W., Booth A.L., and Taylor M.P. Unemployment persistence. Oxford Economic Papers 52 (2000) 24-50
4. Athreya K.B. Welfare implications of the bankruptcy reform act of 1999. Journal of Monetary Economics 49 8 (2002) 1567-1595
5. Athreya K.B. Shame as it ever was: stigma and personal bankruptcy. Federal Reserve Bank of Richmond Economic Quarterly 90 2 (2004) 1-19
6. Attanasio O., and Rios-Rull J.V. Consumption smoothing in island economies: can public insurance reduce welfare?. European Economic Review 44 7 (2000) 1225-1258
7. Autor D.H., and Duggan M.G. The rise in the disability rolls and the decline in unemployment. Quarterly Journal of Economics 118 1 (2003) 157-205
8. Bermant, G., Flynn, E., 2002. Just Recently Hired: Job Tenure Among No-asset Chapter 7 Debtors. American Bankruptcy Institute.
9. Buckley F., and Brinig M. The market for deadbeats. Journal of Legal Studies 25 1 (1996) 201-232
10. Chatterjee, S., Corbae, D., Nakajima, M., Rios-Rull, J.V., 2005. A quantitative theory of unsecured consumer credit with risk of default. Federal Reserve Bank of Philadelphia, Working Paper 05-18.
11. Conesa, J.C., Garriga, C., 2004. Optimal design of social security reforms. CREA Working Papers #140.
12. Conesa, J.C., Krueger, D., 2004. On the optimal progressivity of the income tax code. Journal of Monetary Economics, forthcoming.
13. Cooley T.F., and Prescott E.C. Frontiers of Business Cycle Research (1995), Princeton University Press, Princeton
14. Corcoran M., and Duncan G. Work history, labor force attachment, and earnings differences between the races and sexes. Journal of Human Resources 14 1 (1979) 3-20
15. Deaton A. Saving and liquidity constraints. Econometrica 59 5 (1991) 1221-1248
16. Domowitz I., and Eovaldi T.L. The impact of the bankruptcy reform act of 1978 on consumer bankruptcy. Journal of Law and Economics 36 2 (1993) 803-835
17. Dubey P., Geanakoplos J., and Shubik M. Default and punishment in general equilibrium. Econometrica 73 1 (2005) 1-37
18. Evans D.S., and Schmalensee R. Paying with plastic: the digital revolution in buying and borrowing (1999), MIT Press, Cambridge, MA
19. Fay S., Hurst E., and White M. The household bankruptcy decision. American Economic Review 92 3 (2002) 706-718
20. Fisher J.D. The effect of government unemployment benefits, welfare benefits, and other income on personal bankruptcy. Contemporary Economic Policy 23 4 (2005) 483-492
21. Golosov, M., Tsyvinski, A., 2004. Designing optimal disability insurance: a case for asset testing. Journal of Political Economy, forthcoming.
22. Hansen G.D., and Imrohoroglu A. The role of unemployment insurance in an economy with liquidity constraints and moral hazard. Journal of Political Economy 100 1 (1992) 118-142
23. Huggett M. The risk-free rate in heterogeneous-agent incomplete-insurance economies. Journal of Economic Dynamics and Control 17 5-6 (1993) 953-969
24. Jacobson L.S., LaLonde R.J., and Sullivan D.G. Earnings losses of displaced workers. American Economic Review 83 4 (1993) 685-709
25. Keane M., and Wolpin K.I. The career decisions of young men. Journal of Political Economy 105 (1997) 473-522
26. Kim M.K., and Polachek S. Panel estimates of male-female earnings functions. Journal of Human Resources 29 2 (1994) 406-428
27. Kletzer L.G. Job displacement. Journal of Economic Perspectives 12 1 (1998) 115-136
28. Kocherlakota N.R. Zero expected wealth taxes: a Mirrlees approach to optimal taxation. Econometrica 73 5 (2005) 1587-1621
29. Krueger, D., Perri, F., 2001. Risk sharing: private insurance markets or redistributive taxes? Mimeo, NYU.
30. Lentz R., and Tranaes T. Job search and savings: wealth effects and duration dependence. Journal of Labor Economics 23 3 (2005) 467-489
31. Li, W., Sarte, P.D., 2002. The macroeconomics of U.S. consumer bankruptcy choice: Chapter 7 or Chapter 13? Federal Reserve Bank of Richmond Working Paper #02-1.
32. Livshits, I., MacGee, J., Tertilt, M., 2003. Consumer bankruptcy: a fresh start. Federal Reserve Bank of Minneapolis, Working Paper 617.
33. Ljungqvist L., and Sargent T.J. The European unemployment dilemma. Journal of Political Economy 106 3 (1998) 514-550
34. Martin J. Measures of replacement rates for the purpose of international comparisons: a note. OECD Economic Studies 26 1 (1996)
35. Musto D. What happens when information leaves a market? Evidence from post-bankruptcy consumers. Journal of Business 77 4 (2004) 725-748
36. Obstfeld M., and Rogoff K. Foundations of International Macroeconomics (1996), MIT Press, Cambridge, MA, London
37. Rodriguez S.B., Diaz-Jiminez J., Quadrini V., and Rios-Rull J.V. Updated facts on the U.S. distributions of earnings, income, and wealth. Federal Reserve Bank of Minneapolis Quarterly Review 26 3 (2002) 2-35
38. Rogerson R., and Schindler M. The welfare costs of worker displacement. Journal of Monetary Economics 49 6 (2002) 1213-1234
39. Shepard L. Personal failures and the bankruptcy reform act of 1978. Journal of Law and Economics 27 2 (1984) 419-437
40. Stevens A.H. Persistent effects of job displacement: the importance of multiple job losses. Journal of Labor Economics 15 1 (1997) 165-188
41. Sullivan T.A., Warren E., and Westbrook J.L. The Fragile Middle Class: Americans in Debt (2000), Yale University Press, New Haven
42. Wang C., and Williamson S.D. Moral hazard, optimal unemployment insurance, and experience rating. Journal of Monetary Economics 49 7 (2002) 1337-1371
43. Young E. Unemployment insurance and capital accumulation. Journal of Monetary Economics 51 8 (2004) 1683-1710
44. Zame W.R. Efficiency and the role of default when security markets are incomplete. American Economic Review 83 5 (1993) 1142-1164
45. Zha T. Bankruptcy law, capital allocation, and aggregate effects: a dynamic heterogenous agent model with incomplete markets. Annals of Economics and Finance 2 2 (2001) 379-400