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Working Paper
The Effects of Macroeconomic Shocks: Household Financial Distress Matters
Mustre-del-Rio, Jose; Sanchez, Juan M.; Mather, Ryan; Athreya, Kartik B. (2023-09-11)
When a macroeconomic shock arrives, variation in household balance-sheet health (captured by the presence of financial distress “FD”), leads to differential access to credit, and hence a distribution of consumption responses. As we document, though, over the past two recessions, households in prior FD also experienced macroeconomic shocks more intensely than others, leading to a distribution of shock severity. Quantifying the importance of each dimension of heterogeneity (FD or shock severity) for consumption requires a structural model. We find that heterogeneity in FD matters more than ...
Working Papers , Paper 2019-025

Working Paper
Consumption in the Great Recession: The Financial Distress Channel
Athreya, Kartik B.; Sanchez, Juan M.; Mather, Ryan; Mustre-del-Rio, Jose (2019-08-29)
During the Great Recession, the collapse of consumption across the US varied greatly but systematically with house-price declines. Our message is that household financial health matters for understanding this relationship. Two facts are essential for our finding: (1) the decline in house prices led to an increase in household financial distress (FD) prior to the decline in income during the recession, and (2) at the zip-code level, the prevalence of FD prior to the recession was positively correlated with house-price declines at the onset of the recession. We measure the power of the ...
Working Paper , Paper 19-13

Discussion Paper
Consumer bankruptcy: how unsecured lenders fare
Furletti, Mark (2003)
On September 8, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop on consumer bankruptcy and its effect on unsecured lenders. Professor Melissa Jacoby of Temple University?s School of Law led the workshop. A leading bankruptcy scholar, Jacoby described the current bankruptcy system and the potential impact of Chapter 7 reforms on the rights of unsecured creditors. This paper summarizes Jacoby?s presentation and the ensuing discussion. It offers a brief overview of consumer bankruptcy and the rights of unsecured creditors that lend money to ...
Consumer Finance Institute discussion papers , Paper 03-17

Journal Article
Unemployment insurance and personal bankruptcy
Athreya, Kartik B. (2003-04)
Economic Quarterly , Volume 89 , Issue Spr , Pages 33-53

Journal Article
A look at household bankruptcies
Marcuss, Mamie (2004-04)
In recent years, a record number of U.S. households have declared bankruptcy. This article explores the possible causes and potential effects of the rising rate of insolvent households.
Communities and Banking , Issue Spr , Pages 15-20

Journal Article
Gift card value when issuers go bankrupt
Frederick, Cristin (2009-01)
What value does a prepaid gift card retain when the company where it can be spent files for bankruptcy? A legal intern looks at the law and recent cases and offers advice to consumers.
Communities and Banking , Issue Win , Pages 11-12

Working Paper
Are harsh penalties for default really better?
Young, Eric R.; Athreya, Kartik B.; Tam, Xuan S. (2009)
How might society ensure the allocation of credit to those who lack meaningful collateral? Two very different options that have each been pursued by a variety of societies through time and space are (i) relatively harsh penalties for default and, more recently, (ii) loan guarantee programs that allow borrowers to default subject to moderate consequences and use public funds to compensate lenders. The goal of this paper is to provide a quantitative statement about the relative desirability of these responses. Our findings are twofold. First, we show that under a wide array of circumstances, ...
Working Paper , Paper 09-11

Journal Article
What do we know about Chapter 13 personal bankruptcy filings?
Li, Wenli (2007-10)
Since 1980, the number of households filing for bankruptcy has more than tripled. This drastic increase in personal bankruptcy filings led to substantial debate among economists and policymakers. That debate subsequently resulted in the enactment of extensive reforms in 2005 when Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act. Ultimately, the rationale for this legislation is the presumption that Chapter 13 leads to more appropriate outcomes compared with either Chapter 7 filings or other options outside bankruptcy. In ?What Do We Know About Chapter 13 Personal ...
Business Review , Issue Q4

Working Paper
How long do junk bonds spend in default?
Helwege, Jean (1994)
Finance and Economics Discussion Series , Paper 94-16

Working Paper
Bankruptcy in the life-cycle consumption model
Kowalewski, K. J. (1988)
An analysis assessing the sensitivity of consumption to income using a life-cycle model of consumption that incorporates the possibility of bankruptcy.
Working Papers (Old Series) , Paper 8815

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