메뉴 건너뛰기




Volumn 128, Issue 4, 2013, Pages 1687-1726

Household balance sheets, consumption, and the economic slump

Author keywords

[No Author keywords available]

Indexed keywords

CONSUMPTION BEHAVIOR; DEBT; GEOGRAPHICAL DISTRIBUTION; HOUSEHOLD STRUCTURE; HOUSING MARKET;

EID: 84885790891     PISSN: 00335533     EISSN: 15314650     Source Type: Journal    
DOI: 10.1093/qje/qjt020     Document Type: Article
Times cited : (1056)

References (57)
  • 1
    • 43049158437 scopus 로고    scopus 로고
    • "What Really Happened to Consumption Inequality in the United States?" In Hard-to- Measure Goods and Services: Essays in Honor of Zvi Griliches
    • Ernst R. Berndt and Charles R. Hulten, eds. NBER Studies in Income and Wealth 67 (Chicago: University of Chicago Press)
    • Attansio, Orazio, Erich Battistin, and Hidechiko Ichimura, "What Really Happened to Consumption Inequality in the United States?" In Hard-to- Measure Goods and Services: Essays in Honor of Zvi Griliches, Ernst R. Berndt and Charles R. Hulten, eds. NBER Studies in Income and Wealth 67 (Chicago: University of Chicago Press, 2007).
    • (2007)
    • Attansio, O.1    Battistin, E.2    Ichimura, H.3
  • 2
    • 0030402913 scopus 로고    scopus 로고
    • "Relative Wage Movements and the Distribution of Consumption"
    • Attanasio, Orazio, and Steven Davis, "Relative Wage Movements and the Distribution of Consumption," Journal of Political Economy, 104 (1996), 1227-1262.
    • (1996) Journal of Political Economy , vol.104 , pp. 1227-1262
    • Attanasio, O.1    Davis, S.2
  • 3
    • 0028560598 scopus 로고
    • "The Aggregate Consumption Boom of the Late 1980s: Aggregate Implications of Microeconomic Evidence"
    • Attanasio, Orazio, and Guglielmo Weber, "The Aggregate Consumption Boom of the Late 1980s: Aggregate Implications of Microeconomic Evidence," Economic Journal, 104, no. 427 (1994), 1269-1302.
    • (1994) Economic Journal , vol.104 , Issue.427 , pp. 1269-1302
    • Attanasio, O.1    Weber, G.2
  • 4
    • 84977364496 scopus 로고
    • "Agency Costs Net Worth and Business Fluctuations"
    • Bernanke, Ben, and Mark Gertler, "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, 79 (1989), 14-31.
    • (1989) American Economic Review , vol.79 , pp. 14-31
    • Bernanke, B.1    Gertler, M.2
  • 5
    • 57249094393 scopus 로고    scopus 로고
    • "Housing Wealth Financial Wealth and Consumption: New Evidence from Micro Data"
    • Bostic, Raphael, Stuart Gabriel, and Gary Painter, "Housing Wealth, Financial Wealth, and Consumption: New Evidence from Micro Data," Regional Science and Urban Economics, 39 (2009), 79-89.
    • (2009) Regional Science and Urban Economics , vol.39 , pp. 79-89
    • Bostic, R.1    Gabriel, S.2    Painter, G.3
  • 6
    • 84885788797 scopus 로고    scopus 로고
    • "Streamlined Refinancings for up to 14 Million Borrowers"
    • Working paper, Columbia GSB
    • Boyce, Alan, Glenn Hubbard, Chris Mayer, and James Witkin, "Streamlined Refinancings for up to 14 Million Borrowers," Working paper, Columbia GSB, 2012.
    • (2012)
    • Boyce, A.1    Hubbard, G.2    Mayer, C.3    Witkin, J.4
  • 7
    • 85007088443 scopus 로고    scopus 로고
    • "Redesign Options for the Consumer Expenditure Survey"
    • Working paper, WESTAT
    • Cantor, David, Sid Schneider, and Brad Edwards, "Redesign Options for the Consumer Expenditure Survey," Working paper, WESTAT, 2011.
    • (2011)
    • Cantor, D.1    Schneider, S.2    Edwards, B.3
  • 8
    • 34247117773 scopus 로고    scopus 로고
    • "How Do House Prices Affect Consumption? Evidence from Micro Data"
    • Campbell, J., and J. Cocco, "How Do House Prices Affect Consumption? Evidence from Micro Data," Journal of Monetary Economics, 54 (2007), 591-621.
    • (2007) Journal of Monetary Economics , vol.54 , pp. 591-621
    • Campbell, J.1    Cocco, J.2
  • 9
    • 0040154980 scopus 로고    scopus 로고
    • "A Theory of the Consumption Function with and without Liquidity Constraints"
    • Carroll, Christopher, "A Theory of the Consumption Function, with and without Liquidity Constraints," Journal of Economic Perspectives, 15 (2001), 23-45.
    • (2001) Journal of Economic Perspectives , vol.15 , pp. 23-45
    • Carroll, C.1
  • 10
    • 84885739858 scopus 로고    scopus 로고
    • "Representing Consumption and Saving without a Representative Consumer," in Measuring Economic Sustainability and Progress, Studies in Income and Wealth
    • (Cambridge, MA: NBER)
    • Carroll, Christopher, "Representing Consumption and Saving without a Representative Consumer," in Measuring Economic Sustainability and Progress, Studies in Income and Wealth (Cambridge, MA: NBER, 2013).
    • (2013)
    • Carroll, C.1
  • 11
    • 8644236170 scopus 로고    scopus 로고
    • "Housing Wealth and Consumption Expenditure"
    • Department of Economics, John Hopkins University, Working Paper
    • Carroll, Christopher D., "Housing Wealth and Consumption Expenditure," Department of Economics, John Hopkins University, Working Paper, 2004.
    • (2004)
    • Carroll, C.D.1
  • 12
    • 0030370039 scopus 로고    scopus 로고
    • "On the Concavity of the Consumption Function"
    • Carroll, Christopher, and Miles Kimball, "On the Concavity of the Consumption Function," Econometrica, 64 (1996), 981-992.
    • (1996) Econometrica , vol.64 , pp. 981-992
    • Carroll, C.1    Kimball, M.2
  • 13
    • 78751604873 scopus 로고    scopus 로고
    • "How Large Are Housing and Financial Wealth Effects? A New Approach"
    • Carroll, Christopher, Misuzu Otsuka, and Jiri Slacalek, "How Large Are Housing and Financial Wealth Effects? A New Approach," Journal of Money, Credit, and Banking, 43 (2011), 55-79.
    • (2011) Journal of Money Credit and Banking , vol.43 , pp. 55-79
    • Carroll, C.1    Otsuka, M.2    Slacalek, J.3
  • 14
    • 21244446232 scopus 로고    scopus 로고
    • "Comparing Wealth Effects: The Stock Market versus the Housing Market"
    • Case, Karl, John Quigley, and Robert Shiller, "Comparing Wealth Effects: The Stock Market versus the Housing Market," Advances in Macroeconomics, 5, no. 1 (2005), 1235-1235.
    • (2005) Advances in Macroeconomics , vol.5 , Issue.1 , pp. 1235-1235
    • Case, K.1    Quigley, J.2    Shiller, R.3
  • 15
    • 84858835858 scopus 로고    scopus 로고
    • "Wealth Effects Revisited: 1975-2012"
    • NBER Working Paper 18667
    • Case, Karl, "Wealth Effects Revisited: 1975-2012," NBER Working Paper 18667, 2013.
    • (2013)
    • Case, K.1
  • 16
    • 0000771587 scopus 로고
    • "A Simple Test of Consumption Insurance"
    • Cochrane, John, "A Simple Test of Consumption Insurance," Journal of Political Economy, 99, no. 5 (1991), .
    • (1991) Journal of Political Economy , vol.99 , Issue.5
    • Cochrane, J.1
  • 17
    • 0001691088 scopus 로고    scopus 로고
    • "Asset Pricing with Heterogeneous Consumers"
    • Constantinides, George, and Darrell Duffie, "Asset Pricing with Heterogeneous Consumers," Journal of Political Economy, 104 (1996), 219-240.
    • (1996) Journal of Political Economy , vol.104 , pp. 219-240
    • Constantinides, G.1    Duffie, D.2
  • 18
    • 0007884883 scopus 로고    scopus 로고
    • "Home Bias at Home: Local Equity Preference in Domestic Portfolios"
    • Coval, Joshua, and Tobias Moskowitz, "Home Bias at Home: Local Equity Preference in Domestic Portfolios," Journal of Finance, 54 (1999), 1249-1290.
    • (1999) Journal of Finance , vol.54 , pp. 1249-1290
    • Coval, J.1    Moskowitz, T.2
  • 19
    • 84881745406 scopus 로고    scopus 로고
    • "Why Has Wage Growth Stayed Strong?"
    • FRBSF Economic Letter, April 2
    • Daly, Mary, Bart Hobijn, and Brian Lucking, "Why Has Wage Growth Stayed Strong?" FRBSF Economic Letter, April 2, 2012.
    • (2012)
    • Daly, M.1    Hobijn, B.2    Lucking, B.3
  • 20
    • 84885722423 scopus 로고    scopus 로고
    • "Aggregate Real Wages: Macro Fluctuations and Micro Drivers"
    • FRBSF Working Paper 2011-23
    • Daly, Mary C., Bart Hobijn, and Theodore S. Wiles, "Aggregate Real Wages: Macro Fluctuations and Micro Drivers," FRBSF Working Paper 2011-23, 2011.
    • (2011)
    • Daly, M.C.1    Hobijn, B.2    Wiles, T.S.3
  • 21
    • 78649712957 scopus 로고    scopus 로고
    • "House Price, Shocks Negative Equity, and Household Consumption in the United Kingdom"
    • Disney, Richard, John Gathergood, and Andrew Henley, "House Price Shocks, Negative Equity, and Household Consumption in the United Kingdom," Journal of European Economic Association, 8 (2010), 1179-1207.
    • (2010) Journal of European Economic Association , vol.8 , pp. 1179-1207
    • Disney, R.1    Gathergood, J.2    Henley, A.3
  • 22
    • 84867188659 scopus 로고    scopus 로고
    • "Is a Household Debt Overhang Holding Back Consumption?"
    • Brookings Papers on Economic Activity (Spring 2012)
    • Dynan, Karen, "Is a Household Debt Overhang Holding Back Consumption?" Brookings Papers on Economic Activity (Spring 2012), 299-362.
    • Dynan, K.1
  • 23
    • 84862845137 scopus 로고    scopus 로고
    • "Debt Deleveraging and the Liquidity Trap"
    • Eggertsson, Gauti, and Paul Krugman, "Debt, Deleveraging, and the Liquidity Trap," Quarterly Journal of Economics, 127 (2012), 1469-1513.
    • (2012) Quarterly Journal of Economics , vol.127 , pp. 1469-1513
    • Eggertsson, G.1    Krugman, P.2
  • 24
    • 85032577768 scopus 로고    scopus 로고
    • "Downward Nominal Wage Rigidity in the United States during the Great Recession"
    • Working Paper
    • Fallick, Bruce, Michael Lettau, and William Wascher, "Downward Nominal Wage Rigidity in the United States during the Great Recession," Working Paper, 2011.
    • (2011)
    • Fallick, B.1    Lettau, M.2    Wascher, W.3
  • 25
    • 0000107944 scopus 로고
    • "The Debt-Deflation Theory of Great Depressions"
    • Fisher, Irving, "The Debt-Deflation Theory of Great Depressions," Econometrica (1933), 337-357.
    • (1933) Econometrica , pp. 337-357
    • Fisher, I.1
  • 26
    • 77949869204 scopus 로고    scopus 로고
    • "U.S. Household Deleveraging and Future Consumption Growth"
    • Federal Reserve Bank of San Francisco Economic Letter No. 2009-16 (May 15 )
    • Glick, Reuvan, and Kevin Lansing, "U.S. Household Deleveraging and Future Consumption Growth," Federal Reserve Bank of San Francisco Economic Letter No. 2009-16 (May 15, 2009).
    • (2009)
    • Glick, R.1    Lansing, K.2
  • 27
    • 79955942573 scopus 로고    scopus 로고
    • "Global Household Leverage, House Prices, and Consumption"
    • Federal Reserve Bank of San Francisco Economic Letter No. 2010-01 (January 11 )
    • Glick, Reuvan, and Kevin Lansing, "Global Household Leverage, House Prices, and Consumption," Federal Reserve Bank of San Francisco Economic Letter No. 2010-01 (January 11, 2010).
    • (2010)
    • Glick, R.1    Lansing, K.2
  • 28
    • 47049103351 scopus 로고    scopus 로고
    • "Sources and Uses of Equity Extracted from Homes"
    • Greenspan, Alan, and James Kennedy, "Sources and Uses of Equity Extracted from Homes," Oxford Review of Economic Policy, 24, no. 1 (2008), 120-144.
    • (2008) Oxford Review of Economic Policy , vol.24 , Issue.1 , pp. 120-144
    • Greenspan, A.1    Kennedy, J.2
  • 29
    • 84878443895 scopus 로고    scopus 로고
    • "Credit Crises, Precautionary Savings, and the Liquidity Trap"
    • Chicago Booth Working Paper
    • Guerrieri, Veronica, and Guido Lorenzoni, "Credit Crises, Precautionary Savings, and the Liquidity Trap," Chicago Booth Working Paper, 2011.
    • (2011)
    • Guerrieri, V.1    Lorenzoni, G.2
  • 30
    • 79955043171 scopus 로고    scopus 로고
    • "The Long Slump"
    • Hall, Robert E., "The Long Slump," American Economic Review, 101 (2011), 431-469.
    • (2011) American Economic Review , vol.101 , pp. 431-469
    • Hall, R.E.1
  • 31
    • 77951902511 scopus 로고    scopus 로고
    • "House Price Appreciation Savings and Consumer Expenditures"
    • Working Paper, Ohio State University
    • Haurin, Donald, and Stuart S. Rosenthal, "House Price Appreciation, Savings, and Consumer Expenditures," Working Paper, Ohio State University, 2006.
    • (2006)
    • Haurin, D.1    Rosenthal, S.S.2
  • 32
    • 38249013007 scopus 로고
    • "The Effects of Incomplete Insurance Markets and Trading Costs in a Consumption-Based Asset Pricing Model"
    • Heaton, John, and Deborah J. Lucas, "The Effects of Incomplete Insurance Markets and Trading Costs in a Consumption-Based Asset Pricing Model," Journal of Economic Dynamics and Control, 16 (1992), 601-620.
    • (1992) Journal of Economic Dynamics and Control , vol.16 , pp. 601-620
    • Heaton, J.1    Lucas, D.J.2
  • 33
    • 4243088649 scopus 로고    scopus 로고
    • "Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing"
    • Heaton, John, and Deborah J. Lucas, "Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing," Journal of Political Economy, 104 (1996), 443-487.
    • (1996) Journal of Political Economy , vol.104 , pp. 443-487
    • Heaton, J.1    Lucas, D.J.2
  • 34
    • 84885735018 scopus 로고    scopus 로고
    • "Engineering a Paradox of Thrift Recession"
    • Working Paper
    • Huo, Zhen, and Jose-Victor Rios-Rull, "Engineering a Paradox of Thrift Recession," Working Paper, 2012.
    • (2012)
    • Huo, Z.1    Rios-Rull, J.-V.2
  • 35
    • 84885785677 scopus 로고    scopus 로고
    • "Dealing with Household Debt," in IMF World Economic Outlook: Growth Resuming
    • International Monetary Fund, Dangers Remain (April )
    • International Monetary Fund. "Dealing with Household Debt," in IMF World Economic Outlook: Growth Resuming, Dangers Remain (April 2012).
    • (2012)
  • 36
    • 84867154838 scopus 로고    scopus 로고
    • "When Credit Bites Back: Leverage, Business Cycles, and Crises"
    • NBER Working Paper No. 17621
    • Jordà, Òscar, Moritz Schularick, and Alan M. Taylor, "When Credit Bites Back: Leverage, Business Cycles, and Crises," NBER Working Paper No. 17621, 2011.
    • (2011)
    • Jordà, O.1    Schularick, M.2    Taylor, A.M.3
  • 37
    • 38149147946 scopus 로고
    • "Debt Deflation: Theory and Evidence"
    • King, Mervyn, "Debt Deflation: Theory and Evidence," European Economic Review, 38, no. 3-4 (1994), 419-455.
    • (1994) European Economic Review , vol.38 , Issue.3-4 , pp. 419-455
    • King, M.1
  • 39
    • 84973895849 scopus 로고    scopus 로고
    • "Judging Quality of Survey Data by Comparison with Truth as Measured by Administrative Records: Evidence from Sweden"
    • Paper presented at Improving the Measurement of Consumer Expenditures, NBER/CRIW conference
    • Koijen, Ralph, Stijn Van Nieuwerburgh, and Roine Vestman, "Judging Quality of Survey Data by Comparison with Truth as Measured by Administrative Records: Evidence from Sweden," Paper presented at Improving the Measurement of Consumer Expenditures, NBER/CRIW conference, 2012.
    • (2012)
    • Koijen, R.1    Nieuwerburgh, S.V.2    Vestman, R.3
  • 40
    • 34248999222 scopus 로고    scopus 로고
    • "Housing, Consumption, and Credit Constraints"
    • Finance and Economics Discussion Series 2004-63, Board of Governors of the Federal Reserve System
    • Lehnert, Andreas, "Housing, Consumption, and Credit Constraints," Finance and Economics Discussion Series 2004-63, Board of Governors of the Federal Reserve System, 2004.
    • (2004)
    • Lehnert, A.1
  • 41
    • 84857557390 scopus 로고    scopus 로고
    • "Mortgage Debt Overhang: Reduced Investment by Homeowners with Negative Equity"
    • Working Paper, Kellogg
    • Melzer, Brian, "Mortgage Debt Overhang: Reduced Investment by Homeowners with Negative Equity," Working Paper, Kellogg, 2012.
    • (2012)
    • Melzer, B.1
  • 42
    • 0011090049 scopus 로고
    • "Optimum Consumption and Portfolio Rules in a Continuous-Time Model"
    • Merton, R., "Optimum Consumption and Portfolio Rules in a Continuous-Time Model," Journal of Economic Theory, 3 (1971), 373-413.
    • (1971) Journal of Economic Theory , vol.3 , pp. 373-413
    • Merton, R.1
  • 43
    • 72449151676 scopus 로고    scopus 로고
    • "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis"
    • Mian, Atif, and Amir Sufi, "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis," Quarterly Journal of Economics, 124 (2009), 1449-1496.
    • (2009) Quarterly Journal of Economics , vol.124 , pp. 1449-1496
    • Mian, A.1    Sufi, A.2
  • 44
    • 79955007721 scopus 로고    scopus 로고
    • "Household Leverage and the Recession of 2007 to 2009"
    • Mian, Atif, "Household Leverage and the Recession of 2007 to 2009," IMF Economic Review, 58 (2010), 74-117.
    • (2010) IMF Economic Review , vol.58 , pp. 74-117
    • Mian, A.1
  • 45
    • 84860388805 scopus 로고    scopus 로고
    • "House Prices Home Equity Based Borrowing and the U.S. Household Leverage Crisis"
    • Mian, Atif, "House Prices, Home Equity Based Borrowing, and the U.S. Household Leverage Crisis," American Economic Review, 101 (2011), 2132-2156.
    • (2011) American Economic Review , vol.101 , pp. 2132-2156
    • Mian, A.1
  • 46
    • 84878441382 scopus 로고    scopus 로고
    • "What Explains High Unemployment? The Aggregate Demand Channel"
    • Chicago Booth Working Paper
    • Mian, Atif, "What Explains High Unemployment? The Aggregate Demand Channel," Chicago Booth Working Paper, 2012.
    • (2012)
    • Mian, A.1
  • 47
    • 84865358262 scopus 로고    scopus 로고
    • "Household Leverage and the Recession"
    • NYU Stern Working Paper
    • Midrigan, Virgiliu, and Thomas Philippon, "Household Leverage and the Recession," NYU Stern Working Paper, 2011.
    • (2011)
    • Midrigan, V.1    Philippon, T.2
  • 48
    • 0001464773 scopus 로고
    • "The Household Balance Sheet and the Great Depression"
    • Mishkin, Frederic, "The Household Balance Sheet and the Great Depression," Journal of Economic History, 38 (1978), 918-937.
    • (1978) Journal of Economic History , vol.38 , pp. 918-937
    • Mishkin, F.1
  • 49
    • 0031411833 scopus 로고    scopus 로고
    • "Booms and Busts in the UK Housing Market"
    • Muellbauer, John, and Anthony Murphy, "Booms and Busts in the UK Housing Market," Economic Journal, 107, no. 445 (1997), 1701-1727.
    • (1997) Economic Journal , vol.107 , Issue.445 , pp. 1701-1727
    • Muellbauer, J.1    Murphy, A.2
  • 50
    • 0039442930 scopus 로고    scopus 로고
    • "Avoiding Default: The Role of Credit in the Consumption Collapse of 1930"
    • Olney, Martha, "Avoiding Default: The Role of Credit in the Consumption Collapse of 1930," Quarterly Journal of Economics, 114 (1999), 319-335.
    • (1999) Quarterly Journal of Economics , vol.114 , pp. 319-335
    • Olney, M.1
  • 51
    • 0347320125 scopus 로고
    • "Credit Expansion 1920-1929 and its Lessons"
    • Persons, Charles, "Credit Expansion, 1920-1929, and its Lessons," Quarterly Journal of Economics, 45 (1930), 94-130.
    • (1930) Quarterly Journal of Economics , vol.45 , pp. 94-130
    • Persons, C.1
  • 52
    • 77956600723 scopus 로고    scopus 로고
    • "The Geographic Determinants of Housing Supply"
    • Saiz, Albert, "The Geographic Determinants of Housing Supply," Quarterly Journal of Economics, 125 (2010), 1253-1296.
    • (2010) Quarterly Journal of Economics , vol.125 , pp. 1253-1296
    • Saiz, A.1
  • 53
    • 82955172994 scopus 로고    scopus 로고
    • "Heterogeneity and Tests of Risk Sharing"
    • Schulhofer-Wohl, Sam, "Heterogeneity and Tests of Risk Sharing," Journal of Political Economy, 119 (2011), 925-958.
    • (2011) Journal of Political Economy , vol.119 , pp. 925-958
    • Schulhofer-Wohl, S.1
  • 54
    • 20444398557 scopus 로고    scopus 로고
    • "Owner-Occupied Housing as a Hedge against Rent Risk"
    • Sinai, Todd, and Nicholas S. Souleles, "Owner-Occupied Housing as a Hedge against Rent Risk," Quarterly Journal of Economics, 120 (2005), 763-789.
    • (2005) Quarterly Journal of Economics , vol.120 , pp. 763-789
    • Sinai, T.1    Souleles, N.S.2
  • 55
    • 0039095262 scopus 로고
    • "Asset-Pricing Puzzles and Incomplete Markets"
    • Telmer, Chris I., "Asset-Pricing Puzzles and Incomplete Markets," Journal of Finance, 48 (1993), 1803-1832.
    • (1993) Journal of Finance , vol.48 , pp. 1803-1832
    • Telmer, C.I.1
  • 56
    • 0003620852 scopus 로고
    • Did Monetary Forces Cause the Great Depression?
    • (New York: Norton)
    • Temin, Peter, Did Monetary Forces Cause the Great Depression? (New York: Norton, 1976).
    • (1976)
    • Temin, P.1
  • 57
    • 84878964836 scopus 로고    scopus 로고
    • "Dynamics of Wealth and Consumption: New and Improved Measures for U.S. States"
    • Zhou, Xia, and Christopher Carroll, "Dynamics of Wealth and Consumption: New and Improved Measures for U.S. States," B.E. Journal of Macroeconomic Advances, 12, no. 4 (2012), 1-42.
    • (2012) B.E. Journal of Macroeconomic Advances , vol.12 , Issue.4 , pp. 1-42
    • Zhou, X.1    Carroll, C.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.