An increase in the household debt to GDP ratio predicts lower GDP growth and higher
unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to …

The paper studies how high household leverage and crises can be caused by changes in
the income distribution. Empirically, the periods 1920–1929 and 1983–2008 both exhibited …

The reputation of the financial industry could hardly be worse than it is today in the painful
aftermath of the 2008 financial crisis. New York Times best-selling economist Robert Shiller …

An exogenous expansion in mortgage credit has significant effects on house prices. This
finding is established using US branching deregulations between 1994 and 2005 as …

What is the role of the financial sector in explaining business cycles? This question is as old
as the field of macroeconomics, and an extensive body of research conducted since the …

We show the importance of the collateral lending channel for small business employment
over the past decade. Small businesses in areas with greater increases in house prices …

We document the transmission of large-scale asset purchases by the Federal Reserve to the
real economy using rich borrower-linked mortgage-market data and an identification …

The role of real estate during the global financial and economic crisis has prompted efforts to
better incorporate housing and financial channels into macro models, improve housing …

This paper highlights the importance of middle-class and high-FICO borrowers for the
mortgage crisis. Contrary to popular belief, which focuses on subprime and poor borrowers …

This paper exploits the federal preemption of national banks in 2004 from local laws against
predatory lending to gauge the effect of the supply of credit on the real economy. First, the …