Using credit report records and data collected from several household surveys, we analyze changes in household debt and … reflect a considerable decline in household debt, as households paid down mortgage debt in particular. At the end of 2009 …, individuals expected to continue increasing their saving and paying down of debt, which is consistent with what we have observed …

liquidity. Asset shocks impair a bank’s ability to roll over debt because of agency problems associated with high leverage. In …Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank loans, reflected …, inter-bank markets can completely freeze. …

financial market segmentation. If we enrich the set of observables with a measure of long-term debt, the semi-elasticity of the … risk premium to the amount of debt in private-sector hands is substantially smaller than that reported in the recent …

Credit Panel (CCP). Moments of the borrower and lender debt distributions are compared by year, age of household head … similar, with one noteworthy exception: the aggregate credit card debt implied by SCF borrowers’ reports is less than 50 … percent of the aggregate credit card debt implied by CCP lenders’ reports. Adjustments for sample representativeness and for …