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Americans cut their debt

Author

Listed:
  • Yuliya Demyanyk
  • Matthew Koepke

Abstract

The Great Recession brought an end to a 20-year expansion of consumer debt. In its wake is a lively debate about what caused the turnaround. Was it motivated by a decreased appetite for debt by consumers or an unwillingness to lend by banks? Our analysis of Equifax and Mail Monitor data shows that the major cause was most likely consumers.

Suggested Citation

  • Yuliya Demyanyk & Matthew Koepke, 2012. "Americans cut their debt," Economic Commentary, Federal Reserve Bank of Cleveland, issue Aug.
  • Handle: RePEc:fip:fedcec:y:2012:i:aug8:n:2012-11
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    References listed on IDEAS

    as
    1. Ohanian, Lee & Raffo, Andrea & Rogerson, Richard, 2008. "Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956-2004," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1353-1362, November.
    2. Murat Tasci & Saeed Zaman, 2010. "Unemployment after the recession: a new natural rate?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep.
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    Cited by:

    1. Sewin Chan & Andrew Haughwout & Andrew Hayashi & Wilbert Van Der Klaauw, 2016. "Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(2-3), pages 393-413, March.

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