We study diffusion indices constructed from qualitative surveys to provide real-time assessments of various aspects of economic activity. In particular, we highlight the role of diffusion indices as estimates of change in a quasi extensive margin, and characterize their distribution, focusing on...

In this study, we explore why an online retailer would open its platform and why a third-party seller would join the platform when the third party carries products identical to those the retailer sells as well as products the retailer does not carry. When the third party joins the retailer's...

This paper investigates the spillover effects of the opioid epidemic on consumer finance: consumer delinquency; bank consumer portfolio risk; and consumer credit supply, using credit-bureau, credit-card-mail-solicitation, and regulatory bank data. For identification, we employ instruments...

Earnings uncertainty is central to most heterogeneous-household models. Yet, there is surprisingly little evidence on how subjective uncertainty is related to consumption behavior. Using unique data from the Survey of Consumer Expectations, we show that the marginal propensity to consume (MPC)...

Using detailed micro data, we document that households often use "stimulus" checks to pay down debt, especially those with low net wealth-to-income ratios. To rationalize these patterns, we introduce a borrowing price schedule into an otherwise standard incomplete markets model. Because interest...

Using detailed micro data, we document that households often use "stimulus" checks to pay down debt, especially those with low net wealth-to-income ratios. To rationalize these patterns, we introduce a borrowing price schedule into an otherwise standard incomplete markets model. Because interest...