Household leverage and the recession of 2007-09

IMF Economic Review

Volumn 58, Issue 1, 2010, Pages 74-117

  Mian, Atif ^a   Sufi, Amir ^b  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b UNIVERSITY OF CHICAGO   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79955007721     PISSN: 20414161     EISSN: None     Source Type: Journal    
DOI: 10.1057/imfer.2010.2     Document Type: Article

References (26)

1. Bernanke, Ben, and Mark Gertler, 1989, "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, Vol. 79, No. 1, pp. 14-31.
2. Chari, V., Lawrence Christiano, and Patrick Kehoe, 2008, "Facts and Myths about the Financial Crisis of 2008," Federal Reserve Bank of Minneapolis Working Paper No. 666.
3. Christiano, L., R. Motto, and M. Rostagno, 2007, "Financial Factors in Business Cycles," (unpublished; European Central Bank, Frankfurt).
4. Demyanyk, Y., and O. Van Hemert, forthcoming, "Understanding the Subprime Mortgage Crisis," Review of Financial Studies (article in press).
5. Dunkelberg, William, 2008, "Economic Responses to the Monetary Policy Signals of 2007: A Small Business Perspective," University of Michigan RSQE Conference Proceedings.
6. Fisher, Irving, 1933, "The Debt-Deflation Theory of Great Depressions," Econometrica, Vol. 1 (October), pp. 337-57.
7. Fisher, J., 2001, "Heterogeneous Investment Dynamics" (unpublished; Federal Reserve Bank of Chicago).
8. Gao, Pengjie, and Hayong Yun, 2009, "Commercial Paper, Lines of Credit, and the Real Effects of the Financial Crisis of 2008: Firm-Level Evidence from the Manufacturing Industry" (June 2009). Available via the internet: www.ssrn.com/abstract=1421908.
9. Glick, Reuvan, and Kevin Lansing, 2009, "U.S. Household Deleveraging and Future Consumption Growth," Federal Reserve Bank of San Francisco Economic Letter No 2009-16 (May 15).
10. Glick, Reuvan, and Kevin Lansing, 2010, "Global Household Leverage, House Prices, and Consumption," Federal Reserve Bank of San Francisco Economic Letter No 2010-01 (January 11)
11. Gross, David, and Nicholas S. Souleles, 2002, "Do Liquidity Constraints And Interest Rates Matter For Consumer Behavior? Evidence from Credit Card Data," The Quarterly Journal of Economics, Vol. 117, No. 1, pp. 149-85.
12. Iacoviello, M., 2005, "House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle," American Economic Review, Vol. 95, No. 3, pp. 739-64. (Pubitemid 43104412)
13. Ivashina, Victoria, and David Scharfstein, forthcoming, "Bank Lending during the Financial Crisis of 2008," Journal of Financial Economics (article in press).
14. Keys, Benjamin, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig, 2010, "Did Securitization Lead to Lax Screening: Evidence from Subprime Loans," Quarterly Journal of Economics, Vol. 125, No. 1, pp. 307-62.
15. King, Mervyn, 1994, "Debt Deflation: Theory and Evidence," European Economic Review, Vol. 38, No. 3-4, pp. 419-55.
16. Kiyotaki, Nobuhiro, and John Moore, 1997, "Credit Cycles," Journal of Political Economy, Vol. 105, No. 2, pp. 211-48.
17. Leamer, Edward, 2007, "Housing Is the Business Cycle," NBER Working Paper No. 13428 (Cambridge, Massachusetts, National Bureau of Economic Research).
18. Leamer, Edward, 2009, Macroeconomic Patterns and Stories: A Guide for MBAs (New York, Springer Publications, 1st ed.).
19. Mayer, Christopher, and R. Glenn Hubbard, 2008, "House Prices, Interest Rates, and the Mortgage Market Meltdown," Columbia Graduate School of Business Working Paper.
20. Mian, Atif R., and Amir Sufi, 2009, "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis," Quarterly Journal of Economics, Vol. 124, No. 4, pp. 1449-96.
21. Mian, Atif R., and Amir Sufi, forthcoming, "House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis," American Economic Review.
22. Mishkin, Frederic, 1978, "The Household Balance Sheet and the Great Depression," Journal of Economic History, Vol. 38, No. 4, pp. 918-37.
23. Nini, Greg, David Smith, and Amir Sufi, 2009, "Creditor Control Rights, Corporate Governance, and Firm Value," Chicago Booth School of Business Working Paper.
24. Obstfeld, Maurice, and Kenneth Rogoff, 2009, "Global Imbalances and the Financial Crisis: Products of Common Causes," Federal Reserve Bank of San Francisco Asia Economic Policy Conference Paper.
25. Saiz, Albert, 2008, On Local Housing Supply Elasticity (July 31). Available via the Internet: www.ssrn.com/abstract=1193422.
26. Tovar, Camilo E., 2008, "DSGE Models and Central Banks," BIS Working Paper No. 258 (Basel, Bank for International Settlements).