Debt relief and slow recovery: A decade after Lehman

• 成果类型: Article
• 署名作者: Piskorski, Tomasz; Seru, Amit
• 署名单位: Columbia University; Stanford University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2020.12.008
• 发表日期: 2021
• 页码: 1036-1059
• 关键词: Great recession; Slow recovery; Debt relief; Refinancing; consumption; house prices; default; Foreclosures; unemployment; mortgages; Government intervention; Monetary policy pass-through

摘要

We follow a representative panel of millions of consumers in the United States from 2007 to 2017 and document new facts on the long-term effects of the Great Recession. There were about six million foreclosures over this period. Only a quarter of foreclosed households regained homeownership, taking an average four years to do so. This persistent loss of homeownership accounts for most of the decline in the U.S. homeownership rate. Despite massive stimulus and debt relief policies, house prices, consumption, and unemployment remained below precrisis levels in about half of the zip codes in the United States Regions that recovered to precrisis levels took on average four to five years. Regional variation in the extent and speed of recovery is strongly and persistently associated with frictions affecting the pass-through of lower interest rates and debt relief to households. (c) 2020 Elsevier B.V. All rights reserved.