This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of consumption to current income. Estimation results suggest...

In this paper, we investigate the impact of Wells Fargo’s 2016 "Cross-Selling" scandal by using publiclyavailable Consumer Financial Protection Bureau (CFPB) complaint data and farm level risk andsentiment scores. We use natural language processing (NLP) to construct negative sentiment...

In this paper, we investigate the impact of Wells Fargo’s 2016 "Cross-Selling" scandal by using publicly available Consumer Financial Protection Bureau (CFPB) complaint data and farm level risk and sentiment scores. We use natural language processing (NLP) to construct negative sentiment...

High levels of subprime consumer debt can create social problems. We test the effects of the TARP and PPP bailouts during the Global Financial Crisis and COVID-19 crisis, respectively, on this debt. We use over 11-million credit-bureau observations of individual consumer debt combined with...