Household debt had modest impact on US consumption, research finds
Household debt in US accounted slightly for decline in consumption in 2000s
Excessive levels of household debt exerted a meaningful but modest drag on consumption in the US for most of the 21st century, according to a working paper published by the European Central Bank (ECB) this week.
Debt overhang and deleveraging in the US and household sector: gauging the impact on consumption, by Bruno Albuquerque and Georgi Krustev, uses panel regression techniques over a personal consumption expenditure dataset to model the effects of two distinct concepts of debt.
The authors
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