全球智库信息集成服务系统(G2TT): DP13598 Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13598
	DP13598 Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession
	Adrien Auclert; Will Dobbie; Paul Goldsmith-Pinkham
发表日期	2019-03-19
出版年	2019
语种	英语
摘要	This paper argues that the debt forgiveness provided by the U.S. consumer bankruptcy system helped stabilize employment levels during the Great Recession. We document that over this period, states with more generous bankruptcy exemptions had significantly smaller declines in non-tradable employment and larger increases in unsecured debt write-downs compared to states with less generous exemptions. We interpret these reduced form estimates as the relative effect of debt relief across states, and develop a general equilibrium model to recover the aggregate employment effect. The model yields three key results. First, substantial nominal rigidities are required to rationalize our reduced form estimates. Second, with monetary policy at the zero lower bound, traded good demand spillovers across states boosted employment everywhere. Finally, the ex-post debt forgiveness provided by the consumer bankruptcy system during the Great Recession increased aggregate employment by almost two percent.
主题	Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词	Consumer bankruptcy Micro to macro Regional multipliers
URL	https://cepr.org/publications/dp13598
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/542457
推荐引用方式 GB/T 7714	Adrien Auclert,Will Dobbie,Paul Goldsmith-Pinkham. DP13598 Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession. 2019.