The Credit Market Consequences of Job Displacement

• 成果类型: Article
• 署名作者: Keys, Benjamin J.
• 署名单位: University of Pennsylvania; National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_00709
• 发表日期: 2018-07
• 页码: 405-415
• 关键词: personal bankruptcy; consumer bankruptcy; empirical-analysis; unemployment; INFORMATION; earnings; increase; losses; debt

摘要

This paper studies the role of job displacement in the household bankruptcy decision. Using an event-study methodology, I find that NLSY respondents are over three times more likely to file for bankruptcy immediately following a job loss. Using county-level data, I find similar magnitudes in the aggregate, with significant effects lasting two to three years. The results suggest that unemployment spells can have significant long-term consequences on households' credit market outcomes.