Do High Debt Payments Hinder Household Consumption Smoothing?Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2007 - Debt - 40 pages |
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Adam Copeland Analysis Andrew Cohen April Athanasios Orphanides August Bank Brian Sack Byron F CEX data CEX sample CEX SCF CEX changes in income Chart consumer credit Consumer Expenditure Survey Consumption to Income credit card debt Current consumption growth debt payments debt service ratio debt-to-income ratio December DSR group DSR Quintile dummies durable Dynan Economics Discussion Series effect error in income Estimates F-test of equality Federal Reserve Board Federal Reserve System Finance and Economics Forecasts Geng Hannan high DSR high school higher debt higher DSR household head household income income changes income fluctuations Instrumental Variable Interest Rates interview Johnson Jonathan H Labor low liquid asset Market measurement error Michael Model Monetary Policy mortgage payments November October P-value percent permanent income permanent income hypothesis Prices primary residence reference person regression relationship rise SCF CEX SCF sensitive to income Sensitivity of Consumption September 2005 Statistics Timothy H U.S. Household variables Vehicle Loan