Macroeconomic effects of household debt: an empirical analysis

被引：19
|
作者：
Kim, Yun K. [1 ]
机构：
[1] Univ Massachusetts, Dept Econ, Boston, MA 02125 USA
来源：
REVIEW OF KEYNESIAN ECONOMICS | 2016年 / 4卷 / 02期
关键词：
household debt; business cycles; financial instability hypothesis; cointegration; VAR; VECM; NUMERICAL DISTRIBUTION-FUNCTIONS; FINANCIAL RELATIONS; LONGER WAVES; DEMAND;
D O I：
10.4337/roke.2016.02.01
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Multi-equation econometric frameworks are used to investigate the impact of household debt on GDP in the US. In the vector autoregression analysis capturing the transitory feedback effects, we observe a bidirectional positive feedback process between aggregate income and debt. According to the estimation of vector error correction models, there are negative long-run relationships between household debt and output. These empirical results provide a support for the view of the debt-driven business cycles.
引用
收藏
页码：127 / 150
页数：24
相关论文
共 50 条
  • [41] Macroeconomic Implications of Student Debt: A State-Level Analysis
    Bahadir, Berrak
    Gicheva, Dora
    [J]. JOURNAL OF MONEY CREDIT AND BANKING, 2022, 54 (08) : 2273 - 2300
  • [42] THE IMPACT OF HOUSEHOLD DEBT ON MACRO ECONOMY FROM THE PERSPECTIVE OF SOCIAL PSYCHOLOGY - AN EMPIRICAL ANALYSIS BASED ON CHFS DATA
    Jiang, Nan
    Hugejiletu
    Su, Xin
    [J]. PSYCHIATRIA DANUBINA, 2022, 34 : S102 - S104
  • [43] Public debt and macroeconomic activity: a predictive analysis for advanced economies
    Baglan, Deniz
    Yoldas, Emre
    [J]. STUDIES IN NONLINEAR DYNAMICS AND ECONOMETRICS, 2016, 20 (03): : 301 - 324
  • [44] FEDERAL DEBT AND MACROECONOMIC ACTIVITY
    FACKLER, JS
    MCMILLIN, WD
    [J]. SOUTHERN ECONOMIC JOURNAL, 1989, 55 (04) : 994 - 1003
  • [45] Household debt and financial vulnerability: empirical evidence for Spain, 2002-2020
    Martin-Legendre, Juan Ignacio
    Sanchez-Santos, Jose Manuel
    [J]. EMPIRICA, 2024, 51 (03) : 703 - 730
  • [46] Macroeconomic conditions and political instability: An empirical analysis
    Mark J. Gasiorowski
    [J]. Studies in Comparative International Development, 1998, 33 : 3 - 17
  • [47] Macroeconomic conditions and political instability: An empirical analysis
    Gasiorowski, MJ
    [J]. STUDIES IN COMPARATIVE INTERNATIONAL DEVELOPMENT, 1998, 33 (03) : 3 - 17
  • [48] MACROECONOMIC UNCERTAINTY AND INVESTMENT - EMPIRICAL ANALYSIS FOR ROMANIA
    Saman, Corina
    [J]. ROMANIAN JOURNAL OF ECONOMIC FORECASTING, 2010, 13 (02): : 155 - 164
  • [49] MACROECONOMIC INSTABILITY AND FISCAL DECENTRALIZATION: AN EMPIRICAL ANALYSIS
    Jalil, Ahmed Zafarullah Abdul
    Harun, Mukaramah
    Mat, Siti Hadijah Che
    [J]. PRAGUE ECONOMIC PAPERS, 2012, 21 (02): : 150 - 165
  • [50] Corporate Bankruptcy and Directors' Reputation: An Empirical Analysis of the Effects on Public Debt Contracts
    Gatti, Stefano
    Ivanova, Mariya N.
    Pundrich, Gabriel
    [J]. JOURNAL OF ACCOUNTING AUDITING AND FINANCE, 2023, 38 (04): : 777 - 803
12345