Chapter 2
Handbook of the consumer chapter
trends in household debt and credit
Andrew Haughwout, Donghoon Lee, Joelle Scally, Lauren Thomas, and Wilbert van der Klaauw Federal Reserve Bank of New York, New York, NY, United States
Abstract
Since the onset of the 2008 financial crisis, consumer financial and borrowing behavior, once considered a relatively quiet little corner of finance, has been of enormously increased interest to policymakers and researchers alike. Prior to the Great Recession, there was a historic run-up in household debt, driven primarily by housing debt, which coincided with a speculative bubble and sharp rises in home prices. Then, as prices began to fall, millions of households began defaulting on their mortgages, unable ...
Get Handbook of US Consumer Economics now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
