In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal … the Federal Reserve's first MBS purchase program, demonstrating that this channel conveyed savings on monthly mortgage …

obtain precise time-specific estimates of the bankruptcy cost parameter and consistently reject the null hypothesis of …

Consumer bankruptcy laws, which vary across states and over time, permit debtors to keep assets below a statutory … debts, but they also provide a crude form of consumption insurance. We combine information on state-level bankruptcy laws … bankruptcy rates, (2) households that are more likely to simultaneously hold low-return liquid assets and owe high-cost unsecured …

The recent explosion in personal bankruptcy filings has motivated research into whether credit markets are being … bankruptcy exemptions across states. We note that the literature has focused on aggregate household credit, making no distinction … significantly, property exemptions do not prevent the home mortgage lender from foreclosing on the home if not fully repaid. …

The key feature of the modern U.S. personal bankruptcy law is to provide debtors a financial fresh start through debt …. In this paper, we test this fresh start argument by providing the first estimate of the effect of personal bankruptcy … the endogenous self-selection of bankruptcy filing and allows for dependence over time for the same household. We find …

A large literature has examined factors leading to filing for personal bankruptcy, but little is known about household … borrowing after bankruptcy. Using data from the Survey of Consumer Finances, we find that relative to comparable nonfilers …, bankruptcy filers generally have more limited access to unsecured credit but borrow more secured debt post bankruptcy, and they …

thereafter. This, and similar results using the likelihood of reentering bankruptcy, suggest that there may be an optimal time in … results have implications for the reform and design of bankruptcy systems. …