Using loan-level data on millions of used-car transactions across hundreds of lenders, we study the consumer response to exogenous variation in credit terms. Borrowers offered shorter maturity decrease expenditures enough to offset 60-90% of the monthly payment increase. Most of this is driven...

Using loan-level data on millions of used-car transactions across hundreds of lenders, westudy the consumer response to exogenous variation in credit terms. Borrowers offeredshorter maturity decrease expenditures enough to offset 60% to 90% of the monthlypayment increase. Most of this is driven...

Compiling new liability-level data from the balance sheets of personal bankruptcy filers, we document that a sizable share of reported liabilities are "shadow debt," debt not reported to credit bureaus that often arises from the non-payment of goods and services. We use this new data to evaluate...

A central question in the study of business cycles and credit is the relationship between asset prices and borrowing conditions. In this paper, we investigate the effects of cross-sectional credit-supply shocks on the prices of durable goods. Understanding how prices capitalize credit in the...

We document substantial racial disparities in consumer bankruptcy outcomes and investigate the role of racial bias in contributing to these disparities. Using data on the near universe of US bankruptcy cases and self-reported and manually-identified measures of race, we show that minority filers...