A tale of two commitments: equilibrium default and temptation
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- R. A. Pollak, 1968. "Consistent Planning," Review of Economic Studies, Oxford University Press, vol. 35(2), pages 201-208.
- Juan Carlos Conesa & Sagiri Kitao & Dirk Krueger, 2009.
"Taxing Capital? Not a Bad Idea after All!,"
American Economic Review, American Economic Association, vol. 99(1), pages 25-48, March.
- Juan C. Conesa & Dirk Krueger, 2004. "Taxing Capital: Not a Bad Idea After All," 2004 Meeting Papers 403, Society for Economic Dynamics.
- Conesa, Juan Carlos & Kitao, Sagiri & Krueger, Dirk, 2006. "Taxing capital? Not a bad idea after all!," CFS Working Paper Series 2006/21, Center for Financial Studies (CFS).
- Dirk Krueger & Hanno Lustig & Fabrizio Perri, 2006. "Taxing Capital? Not a Bad Idea After All!," CFS Working Paper Series 2006/22, Center for Financial Studies.
- Juan Carlos Conesa & Sagiri Kitao & Dirk Krueger, 2006. "Taxing Capital? Not a Bad Idea After All!," CFS Working Paper Series 2006/21, Center for Financial Studies.
- Juan Carlos Conesa & Sagiri Kitao & Dirk Krueger, 2007. "Taxing Capital? Not a Bad Idea After All!," NBER Working Papers 12880, National Bureau of Economic Research, Inc.
- Conesa, Juan Carlos & Kitao, Sagiri & Krueger, Dirk, 2006. "Taxing Capital? Not a Bad Idea After All!," CEPR Discussion Papers 5929, C.E.P.R. Discussion Papers.
- Jonathan Heathcote & Kjetil Storesletten & Giovanni L. Violante, 2010.
"The Macroeconomic Implications of Rising Wage Inequality in the United States,"
Journal of Political Economy, University of Chicago Press, vol. 118(4), pages 681-722, August.
- Jonathan Heathcote, 2003. "The Macroeconomic Implications of Rising Wage Inequality in the United States," Working Papers gueconwpa~03-03-19, Georgetown University, Department of Economics.
- Jonathan Heathcote & Kjetil Storesletten & Giovanni L. Violante, 2008. "The Macroeconomic Implications of Rising Wage Inequality in the United States," NBER Working Papers 14052, National Bureau of Economic Research, Inc.
- Attanasio, Orazio P & Weber, Guglielmo, 1995.
"Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey,"
Journal of Political Economy, University of Chicago Press, vol. 103(6), pages 1121-1157, December.
- Orazio P. Attanasio & Guglielmo Weber, 1994. "Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey," NBER Working Papers 4795, National Bureau of Economic Research, Inc.
- Malin, Benjamin A., 2008.
"Hyperbolic discounting and uniform savings floors,"
Journal of Public Economics, Elsevier, vol. 92(10-11), pages 1986-2002, October.
- Benjamin A. Malin, 2005. "Hyperbolic Discounting and Uniform Savings Floor," Discussion Papers 04-034, Stanford Institute for Economic Policy Research.
- Benjamin A. Malin, 2007. "Hyperbolic discounting and uniform savings floors," Finance and Economics Discussion Series 2007-59, Board of Governors of the Federal Reserve System (U.S.).
- Jeremy Tobacman, 2009. "Endogenous Effective Discounting, Credit Constraints, and Wealth Inequality," American Economic Review, American Economic Association, vol. 99(2), pages 369-373, May.
- Michelle J. White, 2007. "Bankruptcy Reform and Credit Cards," NBER Working Papers 13265, National Bureau of Economic Research, Inc.
- Michelle J. White, 2007. "Bankruptcy Reform and Credit Cards," Journal of Economic Perspectives, American Economic Association, vol. 21(4), pages 175-200, Fall.
- David Laibson & Andrea Repetto & Jeremy Tobacman, 2000.
"A Debt Puzzle,"
Documentos de Trabajo
80, Centro de Economía Aplicada, Universidad de Chile.
- David Laibson & Andrea Repetto & Jeremy Tobacman, 2000. "A Debt Puzzle," NBER Working Papers 7879, National Bureau of Economic Research, Inc.
- Robert J. Barro, 1999. "Ramsey Meets Laibson in the Neoclassical Growth Model," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1125-1152.
- Athreya, Kartik B., 2002. "Welfare implications of the Bankruptcy Reform Act of 1999," Journal of Monetary Economics, Elsevier, vol. 49(8), pages 1567-1595, November.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Viktar Fedaseyeu, 2012.
"Debt Collection Agencies and the Supply of Consumer Credit,"
Working Papers
442, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Viktar Fedaseyeu, 2015. "Debt collection agencies and the supply of consumer credit," Working Papers 15-23, Federal Reserve Bank of Philadelphia.
- Viktar Fedaseyeu, 2020. "Debt Collection Agencies and the Supply of Consumer Credit," Working Papers 20-06, Federal Reserve Bank of Philadelphia.
- Viktar Fedaseyeu, 2013. "Debt collection agencies and the supply of consumer credit," Working Papers 13-38, Federal Reserve Bank of Philadelphia.
- Fedaseyeu, Viktar, 2020. "Debt collection agencies and the supply of consumer credit," Journal of Financial Economics, Elsevier, vol. 138(1), pages 193-221.
- Igor Livshits, 2015. "Recent Developments In Consumer Credit And Default Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 594-613, September.
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.- Nakajima, Makoto, 2017.
"Assessing bankruptcy reform in a model with temptation and equilibrium default,"
Journal of Public Economics, Elsevier, vol. 145(C), pages 42-64.
- Makoto Nakajima, 2015. "Assessing bankruptcy reform in a model with temptation and equilibrium default," Working Papers 15-12, Federal Reserve Bank of Philadelphia.
- Makoto Nakajima, 2016. "Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default," Working Papers 16-21, Federal Reserve Bank of Philadelphia.
- Makoto Nakajima, 2016. "Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default," 2016 Meeting Papers 1330, Society for Economic Dynamics.
- Makoto Nakajima, 2009. "Equilibrium Default and Temptation," 2009 Meeting Papers 863, Society for Economic Dynamics.
- Makoto Nakajima, 2012.
"Rising indebtedness and temptation: A welfare analysis,"
Quantitative Economics, Econometric Society, vol. 3(2), pages 257-288, July.
- Makoto Nakajima, 2011. "Rising indebtedness and temptation: a welfare analysis," Working Papers 11-39, Federal Reserve Bank of Philadelphia.
- Giovanni Mastrobuoni & Matthew Weinberg, 2009.
"Heterogeneity in Intra-monthly Consumption Patterns, Self-Control, and Savings at Retirement,"
American Economic Journal: Economic Policy, American Economic Association, vol. 1(2), pages 163-189, August.
- Giovanni Mastrobuoni & Matthew Weinberg, 2007. "Heterogeneity in Intra-Monthly Consumption Patterns, Self-Control, and Savings at Retirement," Working Papers 65, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Giovanni Mastrobuoni & Matthew Weinberg, 2007. "Heterogeneity in Intra-Monthly Consumption Patterns, Self-Control, and Savings at Retirement," Carlo Alberto Notebooks 36, Collegio Carlo Alberto.
- Giovanni Mastrobuoni & Matthew Weinberg, 2007. "Heterogeneity in Intra-Monthly Consumption. Patterns, Self-Control, and Savings at Retirement," CeRP Working Papers 57, Center for Research on Pensions and Welfare Policies, Turin (Italy).
- Jochen Mankart & Rigas Oikonomou, 2017.
"Household Search and the Aggregate Labour Market,"
Review of Economic Studies, Oxford University Press, vol. 84(4), pages 1735-1788.
- Mankart, Jochen & Oikonomou, Rigas, 2012. "Household Search and the Aggregate Labor Market," Economics Working Paper Series 1225, University of St. Gallen, School of Economics and Political Science.
- Mankart, Jochen & Oikonomou, Rigas, 2015. "Household search and the aggregate labor market," Discussion Papers 26/2015, Deutsche Bundesbank.
- Borys Grochulski, 2007.
"Optimal Personal Bankruptcy Design: A Mirrlees Approach,"
2007 Meeting Papers
1008, Society for Economic Dynamics.
- Borys Grochulski, 2008. "Optimal personal bankruptcy design : A Mirrlees approach," Working Paper 08-05, Federal Reserve Bank of Richmond.
- Igor Livshits, 2015. "Recent Developments In Consumer Credit And Default Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 594-613, September.
- Song Han & Geng Li, 2011.
"Household Borrowing after Personal Bankruptcy,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 491-517, March.
- Song Han & Geng Li, 2009. "Household borrowing after personal bankruptcy," Finance and Economics Discussion Series 2009-17, Board of Governors of the Federal Reserve System (U.S.), revised 2009.
- Charles Sprenger & Joanna Stavins, 2008.
"Credit card debt and payment use,"
Working Papers
08-2, Federal Reserve Bank of Boston.
- Charles Sprenger & Joanna Stavins, 2012. "Credit Card Debt and Payment Use," NFI Working Papers 2012-WP-06, Indiana State University, Scott College of Business, Networks Financial Institute.
- Athreya, Kartik & Tam, Xuan S. & Young, Eric R., 2009. "Unsecured credit markets are not insurance markets," Journal of Monetary Economics, Elsevier, vol. 56(1), pages 83-103, January.
- Ethan Cohen-Cole, 2009. "The option value of consumer bankruptcy," Supervisory Research and Analysis Working Papers QAU09-1, Federal Reserve Bank of Boston.
- Gordon, Grey, 2017.
"Optimal bankruptcy code: A fresh start for some,"
Journal of Economic Dynamics and Control, Elsevier, vol. 85(C), pages 123-149.
- Grey Gordon, 2014. "Optimal Bankruptcy Code: A Fresh Start for Some," CAEPR Working Papers 2014-002, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
- Ethan Cohen-Cole & Burcu Duygan-Bump, 2008. "Household bankruptcy decision: the role of social stigma vs. information sharing," Supervisory Research and Analysis Working Papers QAU08-6, Federal Reserve Bank of Boston.
- Ye (George) Jia, 2015.
"The impact of personal bankruptcy law on entrepreneurship,"
Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 48(2), pages 464-493, May.
- Ye (George) Jia, 2015. "The impact of personal bankruptcy law on entrepreneurship," Canadian Journal of Economics, Canadian Economics Association, vol. 48(2), pages 464-493, May.
- Claus Thustrup Kreiner & Søren Leth-Petersen & Louise Charlotte Willerslev-Olsen, 2020.
"Financial Trouble Across Generations: Evidence from the Universe of Personal Loans in Denmark,"
Economic Journal, Royal Economic Society, vol. 130(625), pages 233-262.
- Claus Thustrup Kreiner & Søren Leth-Petersen, & Louise C. Willerslev-Olsen, 2016. "Financial Trouble Across Generations:Evidence from the Universe of Personal Loans in Denmark," EPRU Working Paper Series 1601, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- Kreiner, Claus T. & Leth-Petersen, Søren & Willerslev-Olsen, Louise, 2016. "Financial Trouble Across Generations: Evidence from The Universe of Personal Loans in Denmark," CEPR Discussion Papers 11292, C.E.P.R. Discussion Papers.
- Claus Thustrup Kreiner & Søren Leth-Petersen & Louise C. Willerslev-Olsen, 2017. "Financial Trouble Across Generations: Evidence From The Universe Of Personal Loans In Denmark," EPRU Working Paper Series 17-03, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- Lukasz A. Drozd & Ricardo Serrano-Padial, 2013. "Modeling the credit card revolution: the role of debt collection and informal bankruptcy," Working Papers 13-12, Federal Reserve Bank of Philadelphia.
- Viktar Fedaseyeu & Robert M. Hunt, 2014.
"The economics of debt collection: enforcement of consumer credit contracts,"
Working Papers
14-7, Federal Reserve Bank of Philadelphia.
- Viktar Fedaseyeu & Robert M. Hunt, 2018. "The Economics of Debt Collection: Enforcement of Consumer Credit Contracts," Working Papers 18-4, Federal Reserve Bank of Philadelphia.
- Robert Hunt & Viktar Fedaseyeu, 2015. "The Economics of Debt Collection: Enforcement of Consumer Credit Contracts," 2015 Meeting Papers 1244, Society for Economic Dynamics.
- Viktar Fedaseyeu & Robert M. Hunt, 2015. "The economics of debt collection: enforcement of consumer credit contracts," Working Papers 15-43, Federal Reserve Bank of Philadelphia.
- Song Han & Geng Li, 2011. "Household Borrowing after Personal Bankruptcy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(2‐3), pages 491-517, March.
- Igor Livshits & James MacGee & Michèle Tertilt, 2010.
"Accounting for the Rise in Consumer Bankruptcies,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 165-193, April.
- Igor Livshits & James MacGee & Michele Tertilt, 2006. "Accounting for the Rise in Consumer Bankruptcies," University of Western Ontario, Economic Policy Research Institute Working Papers 20066, University of Western Ontario, Economic Policy Research Institute.
- Igor Livshits & James MacGee & Michèle Tertilt, 2007. "Accounting for the Rise in Consumer Bankruptcies," NBER Working Papers 13363, National Bureau of Economic Research, Inc.
- Igor Livshits & James MacGee & Michele Tertilt, 2006. "Accounting for the Rise in Consumer Bankruptcies," Discussion Papers 06-001, Stanford Institute for Economic Policy Research.
- Joyce Wong & Raquel Fernández, 2012. "The Disappearing Gender Gap: The impact of divorce, wages, and preferences on education and women's work," 2012 Meeting Papers 176, Society for Economic Dynamics.
More about this item
Keywords
Consumer bankruptcy; Debt; Default; borrowing constraint; Temptation and self-control; Hyperbolic-discounting; Heterogeneous agents; Incomplete markets;JEL classification:
- D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- K35 - Law and Economics - - Other Substantive Areas of Law - - - Personal Bankruptcy Law
NEP fields
This paper has been announced in the following NEP Reports:- NEP-DGE-2014-01-24 (Dynamic General Equilibrium)
- NEP-LAW-2014-01-24 (Law & Economics)
- NEP-MAC-2014-01-24 (Macroeconomics)
Statistics
Access and download statisticsCorrections
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:fedpwp:14-1. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://edirc.repec.org/data/frbphus.html .
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 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.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.