E ¢ cient Credit Policies in a Housing Debt Crisis

  title={E ¢ cient Credit Policies in a Housing Debt Crisis},
  author={J Patrick Eberly and A. Krishnamurthy},
During the …nancial crisis and its aftermath, those segments of the economy most exposed to the accumulation of mortgage debt have tended to fare the worst. Whether it is by industry (construction), by geography (sand states), or by household (the most indebted), the presence of greater mortgage debt has led to weaker economic outcomes (see for example, Mian and Su…, 2009, and Dynan, 2012). Moreover, research suggests that …nancial crises accompanied by a housing collapse may be more severe and… CONTINUE READING


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