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Author:Sanchez, Juan M. 

Journal Article
The Dynamics of Mortgage Debt in Default

Rapid declines in house prices, negative home equity, and the number of households in default all contributed to the dramatic increase in mortgage defaults during the Great Recession.
Economic Synopses , Issue 3

Journal Article
The size and growth of businesses started during the financial crisis

Firms started during recessions, especially those started in 2008, have grown less during the first 3 years of their life than those started in non-recession years.
Economic Synopses

Journal Article
Foreclosure Rate Drops during COVID-19 despite Dip in On-Time Mortgage Payments

While on-time residential mortgage payments dropped drastically during the 2020 COVID-19 pandemic, most delinquent borrowers avoided foreclosure.
The Regional Economist

Working Paper
Revisiting Gertler-Gilchrist Evidence on the Behavior of Small and Large Firms

Gertler and Gilchrist (1994) provide evidence for the prevailing view that adverse shocks are propagated via credit constraints of small firms. We revisit the behavior of small versus large firms during the episodes of credit disruption and recessions in the sample extended to cover the 2007-09 economic crisis. We find that large firms'' short-term debt and sales contracted relatively more than those of small firms during the 2007-09 episode. Furthermore, the short-term debt of large firms also contracted relatively more in the previous tight money episodes if one takes into account the ...
Working Papers , Paper 2016-5

Journal Article
Paying down credit card debt: a breakdown by income and age

The Regional Economist

Working Paper
Mortgage defaults

We present a model in which households facing income and housing-price shocks use long-term mortgages to purchase houses. Interest rates on mortgages reflect the risk of default. The model accounts for observed patterns of housing consumption, mortgage borrowing, and defaults. We use the model as a laboratory to evaluate default-prevention policies. While recourse mortgages make the penalty for default harsher and thus may lower the default rate, they also lower equity and increase payments and thus may increase the default rate. Introducing loan-to-value (LTV) limits for new mortgages ...
Working Papers , Paper 2011-019

Working Paper
Household Financial Distress and the Burden of 'Aggregate' Shocks

The goal of this paper is to show that household-level financial distress (FD) varies greatly, meaning there is unequal exposure to macroeconomic risk, and that FD can increase macroeconomic vulnerability. To do this, we first establish three facts: (i) regions in the U.S. vary significantly in their "FD-intensity," measured either by how much additional credit households therein can access, or in how delinquent they typically are on debts, (ii) shocks that are typically viewed as "aggregate" in nature hit geographic areas quite differently, and (iii) FD is an economic "pre-existing ...
Working Paper , Paper 20-12

Journal Article
How Does Informal Employment Affect the Design of Unemployment Insurance and Employment Protection?

The authors use a simple model to study the optimal design of unemployment insurance and employment protection. Workers are risk averse and face the possibility of unemployment. Firms are risk neutral and face random shocks to productivity. Workers can participate in a shadow economy, or informal sector. The model yields several lessons. First, countries should encourage formal employment to address the issue of informal employment. In extreme cases, such encouragement translates into high severance payments and negative payroll taxes. Along these same lines, unemployment payments cannot be ...
Review , Volume 97 , Issue 2

Working Paper
Revisiting Gertler-Gilchrist Evidence on the Behavior of Small and Large Firms

Gertler and Gilchrist (1994) provide evidence for the prevailing view that adverse shocks are propagated via credit constraints of small firms. We revisit the behavior of small versus large firms during the episodes of credit disruption andrecessions in the sample extended to cover the 2007-09 economic crisis. We find that large firms' short-term debt and sales contracted relatively more than those of small firms during the 2007-09 episode. Furthermore, the short-term debt of large firms also contracted relatively more in the previous tight money episodes if one takes into account the longer ...
Working Paper , Paper 16-5

The Relationship between Wage Growth and Inflation, One Recession Later

Periods of high inflation generally are periods of low real wage growth. In the aftermath of the pandemic recession, is that still the case?
On the Economy

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