Labor Market Upheaval , Default Regulations , and Consumer Debt ∗

  title={Labor Market Upheaval , Default Regulations , and Consumer Debt ∗},
  author={Kartik B. Athreya and Juan M. Sanchez and Xuan S. Tam and Eric R. Young},
In 2005, reforms made formal personal bankruptcy much more costly. Shortly after, the US began to experience its most severe recession in seventy years, and while personal bankruptcy rates rose, they rose only modestly given the severity of the rise in unemployment. By contrast, informal default through delinquency rose sharply. In the subsequent recovery, households have been widely viewed as “deleveraging” (Mian and Sufi 2011, Krugman and Eggertson 2012) via the largest reduction of unsecured… CONTINUE READING
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