Replication data for: "Fisher Dynamics" in US Household Debt, 1929-2011
Principal Investigator(s): View help for Principal Investigator(s) J. W. Mason; Arjun Jayadev
Version: View help for Version V1
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datafiles | 12/07/2019 03:08:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 12/07/2019 10:08:AM |
Project Citation:
Mason, J. W., and Jayadev, Arjun. Replication data for: “Fisher Dynamics” in US Household Debt, 1929-2011. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116431V1
Project Description
Summary:
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The evolution of debt-income ratios over time depends on income growth, inflation, and interest rates, independent of any changes in borrowing. We examine the effect of these "Fisher dynamics" on household debt-income ratios in the United States over the period 1929–2011. Adapting a standard decomposition of public debt to household sector debt, we show that these factors explain, in accounting terms, a large fraction of the changes in household debt-income ratios observed historically. More recently, debt defaults have also been important. Changes in household debt-income ratios over time cannot be straightforwardly interpreted as reflecting shifts in the supply and demand of household credit.
Scope of Project
JEL Classification:
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D14 Household Saving; Personal Finance
E21 Macroeconomics: Consumption; Saving; Wealth
E31 Price Level; Inflation; Deflation
E43 Interest Rates: Determination, Term Structure, and Effects
H63 National Debt; Debt Management; Sovereign Debt
N32 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: U.S.; Canada: 1913-
D14 Household Saving; Personal Finance
E21 Macroeconomics: Consumption; Saving; Wealth
E31 Price Level; Inflation; Deflation
E43 Interest Rates: Determination, Term Structure, and Effects
H63 National Debt; Debt Management; Sovereign Debt
N32 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: U.S.; Canada: 1913-
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