This survey discusses recent contributions to the quantitative literature on unsecured
consumer debt and default, and some ongoing challenges for the literature. Key topics …

Housing and mortgage debt are studied in a quantitative general equilibrium model. The
model matches wealth distribution, age profiles of homeownership and debt, and frequency …

Important changes have occurred in unsecured credit markets over the past three decades.
Most prominently, there have been large increases in aggregate consumer debt, the …

We develop an economy with a time-varying measure of firms featuring persistent
differences in productivity, capital and financial position. Firms fund their investments using …

We ask two questions related to how access to credit affects the nature of business cycles.
First, does the standard theory of unsecured credit account for the high volatility and …

We document the cyclical properties of unsecured consumer credit (procyclical and volatile)
and of consumer bankruptcies (countercyclical and very volatile). Using a growth model with …

More debt forgiveness directly benefits households but indirectly makes credit more
expensive. How does aggregate risk affect this trade‐off? In a calibrated general equilibrium …

This paper presents a macroeconomic model of unsecured consumer debt and default
where credit conditions consist of pre-approved interest rates and borrowing limits, a feature …

This thesis consists of three independent essays on credit supply, each addressing different
components, including the different impact of credit supply shocks financed through different …

We study aggregate fluctuations in an economy where firms have persistent differences in
total factor productivities, capital and debt or financial assets. Investment is funded by …