IDEAS home Printed from https://ideas.repec.org/a/fip/fedpei/92846.html

Why Credit Cards Played a Surprisingly Big Role in the Great Recession

Author

Listed:
  • Lukasz A. Drozd

Abstract

Lukasz Drozd examines the links between zero-APR credit card offers and the Great Recession’s persistent declines in employment and output.

Suggested Citation

  • Lukasz A. Drozd, 2021. "Why Credit Cards Played a Surprisingly Big Role in the Great Recession," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 6(2), pages 7-17, July.
    • Handle: RePEc:fip:fedpei:92846
    as

    Download full text from publisher

    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/economic-insights/2021/q2/eiq221.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Patrick Bayer & Kerwin Kofi Charles, 2018. "Divergent Paths: A New Perspective on Earnings Differences Between Black and White Men Since 1940," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(3), pages 1459-1501.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ellora Derenoncourt & Chi Hyun Kim & Moritz Kuhn & Moritz Schularick, 2024. "Wealth of Two Nations: The U.S. Racial Wealth Gap, 1860–2020," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 139(2), pages 693-750.
    2. Paul R. Flora, 2021. "Regional Spotlight: Labor Market Disparities," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 6(2), pages 18-23, July.
    3. Blundell, Richard & Britton, Jack & Dias, Monica Costa & French, Eric & Zou, Weijian, 2026. "The dynamic effects of health on the employment of older workers: Impacts by gender, country, and race," The Journal of the Economics of Ageing, Elsevier, vol. 34(C).
    4. Ioannis Kospentaris & Leslie S. Stratton, 2025. "The evolution of labor market disparities between Hispanic and non-Hispanic men: 1970–2019," Journal of Population Economics, Springer;European Society for Population Economics, vol. 38(1), pages 1-21, March.
    5. Daniel Albuquerque & Tomer Ifergane, 2023. "The Racial Wealth Gap: the Role of Entrepreneurship," Discussion Papers 2310, Centre for Macroeconomics (CFM).
    6. Illenin Kondo & Kevin Rinz & Natalie Gubbay & Brandon Hawkins & John Voorheis & Abigail Wozniak, 2024. "Granular Income Inequality and Mobility Using IDDA: Exploring Patterns Across Race and Ethnicity," NBER Chapters, in: Race, Ethnicity, and Economic Statistics for the 21st Century, pages 405-459, National Bureau of Economic Research, Inc.
    7. Kelley Sarussi & Thomas Walstrum, 2019. "Education and the Evolution of Earnings Across Population Groups Since 2000," Profitwise, Federal Reserve Bank of Chicago, issue 5, pages 1-13.
    8. Andrew G. Sutherland & Matthias Uckert & Felix W. Vetter, 2024. "Occupational Licensing and Minority Participation in Professional Labor Markets," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 62(2), pages 453-503, May.
    9. Francine D. Blau & Lawrence M. Kahn & Nikolai Boboshko & Matthew Comey, 2024. "The Impact of Selection into the Labor Force on the Gender Wage Gap," Journal of Labor Economics, University of Chicago Press, vol. 42(4), pages 1093-1133.
    10. Paul R. Flora, 2021. "Regional Spotlight: Labor Market Disparities," Regional Spotlight, Federal Reserve Bank of Philadelphia, vol. 6(2), pages 18-23, July.
    11. Margaret Jodlowski, 2025. "Do Agricultural Wages Exhibit Wage Compression? Evidence From Administrative and Worker‐Level Data," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 47(5), pages 1660-1725, December.
    12. De Giorgi, Giacomo & Gambetti, Luca & Naguib, Costanza, 2020. "Life-Cycle Inequality: Blacks And Whites Differentials In Life Expectancy, Savings, Income, And Consumption," CEPR Discussion Papers 15182, Centre for Economic Policy Research.
    13. Margherita Borella & Mariacristina De Nardi & Fang Yang, 2019. "The lost ones: the opportunities and outcomes of non-college-educated Americans born in the 1960s," Working Papers 2019-022, Human Capital and Economic Opportunity Working Group.
    14. Kayla Stajkovic & Alexander D. Stajkovic, 2024. "Ethics of Care Leadership, Racial Inclusion, and Economic Health in the Cities: Is There a Female Leadership Advantage?," Journal of Business Ethics, Springer, vol. 189(4), pages 699-721, February.
    15. Julie L. Hotchkiss & Robert E. Moore, 2022. "Some Like it Hot: Assessing Longer-Term Labor Market Benefits from a High-Pressure Economy," International Journal of Central Banking, International Journal of Central Banking, vol. 18(2), pages 193-243, June.
    16. Arapakis, Karolos & French, Eric & Jones, John Bailey & McCauley, Jeremy, 2025. "Medical Spending Risk among Older Households by Race," CEPR Discussion Papers 20738, Centre for Economic Policy Research.
    17. Hero Ashman & Seth Neumuller, 2020. "Can Income Differences Explain the Racial Wealth Gap: A Quantitative Analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 35, pages 220-239, January.
    18. Guo, Xiaohu & Gupta, Vishal K. & Jackson, William E. & Mortal, Sandra C., 2021. "Is there a racial gap in CEO compensation?," Journal of Corporate Finance, Elsevier, vol. 69(C).
    19. Nathan Wilmers & Letian Zhang, 2022. "Values and Inequality: Prosocial Jobs and the College Wage Premium," American Sociological Review, , vol. 87(3), pages 415-442, June.
    20. Jeremy Foltz & Vikas P. D. Gawai, 2026. "Discrimination in science: Salaries of foreign and U.S. born land‐grant university scientists," American Journal of Agricultural Economics, John Wiley & Sons, vol. 108(2), pages 706-736, March.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedpei:92846. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Beth Paul (email available below). General contact details of provider: https://edirc.repec.org/data/frbphus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.