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Conference Paper
Increasing indebtedness and financial stability in the United States

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Resuscitating the credit cycle

This paper resuscitates the credit-cycle theory of Kiyotaki and Moore (1997) in a two-agent RBC model with conventional preferences and standard neoclassical technologies. It is shown that small transitory shocks to credit demand (or supply) can generate large, highly persistent, dampened cycles in aggregate output. Key to our results is the interaction between credit constraints and habit formation. Credit constraints based on collateralized assets mainly amplify the impact of shocks while habit formation in consumption demand mainly propagates it. Hump-shaped boom-bust cycles do not arise ...
Working Papers , Paper 2008-014

Journal Article
Is the southwest lending boom too much of a good thing?

Southwest Economy , Issue Jan , Pages 6-10

Working Paper
Bank credit commitments and credit rationing

Research Working Paper , Paper 89-06

Discussion Paper
How Does Credit Access Affect Job-Search Outcomes and Sorting?

How does access to consumer credit affect the job finding behavior of displaced workers? Are these workers looking for jobs at larger and more productive firms? What is the impact of consumer credit on the amount of time it takes to find a job? In recent work with Ethan Cohen-Cole we explore these questions by building a new data set of individual credit reports (from TransUnion) merged with administrative earnings data. We describe our approach and our results in this post.
Liberty Street Economics , Paper 20200304d

Conference Paper
Distance and information asymmetries in lending decisions

Proceedings , Paper 1052

Address to the New College class of 2010

Remarks at the New College of Florida 44th Annual Commencement, Sarasota, Florida.
Speech , Paper 23

Journal Article
Consumer debt and the economic recovery

A key ingredient of an economic recovery is a pickup in household spending supported by increased consumer debt. As the current economic recovery has struggled to take hold, household debt levels have grown little. Some evidence indicates that households adjusted debt in line with house price movements in their local markets. However, the data show that consumer debt cutbacks were largest among households that defaulted on mortgages or had lower credit scores, suggesting that household borrowing also was restricted by tight aggregate credit supply.
FRBSF Economic Letter

Working Paper
Indeterminate credit cycles

We present a model with heterogeneous firms, in which credit constraints may give rise to self-fulfilling, sunspot-driven business cycle fluctuations. We derive optimal incentive-compatible loan contracts, under which a firm?s borrowing capacity is constrained by expected equity value. Interactions between debt and equity value made possible by credit constraints generate a credit externality, which leads to procyclical total factor productivity (TFP) and, with sufficiently high cost of financial intermediation, to equilibrium indeterminacy. At the aggregate level, the credit externality is ...
Working Paper Series , Paper 2010-22

Credit derivatives: the latest new thing

Chicago Fed Letter , Issue Jun



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anonymous 45 items

Dudley, William 23 items

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Duca, John V. 10 items

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