Household debt and the macroeconomy
Loading...
Date
2017
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
This thesis presents four essays that study the determinants of private household debt and the relation between private indebtedness and macroeconomic activity. Chapter 1 shows that inequality and household debt are cointegrated of order one and therefore share a common trending relation. In Chapter 2, I demonstrate that interpersonal comparison is an important driver of short-run credit movements. Chapter 3 points out that the effects of fiscal consolidations crucially depend on the level of private indebtedness. In Chapter 4, I present a model with financial frictions that is able to replicate the empirical responses of household debt and other main macro aggregates to technology shocks and income tax cuts.
Description
Table of contents
Keywords
Private Verschuldung, Ungleichheit, Fiskalpolitik