The Great Recession and Credit Trends across Income Groups
American Economic Review
vol. 105,
no. 5, May 2015
(pp. 147-53)
Abstract
In this paper, we document trends in credit use across income groups in the period surrounding the Great Recession. We investigate trends in access to different credit markets, including mortgages, home equity, automobiles, and student loans. We disentangle growth rates of new market entrants from the aggregates and analyze overall as well as within-county growth rate differentials across income strata. Our findings may provide insight into the financial well-being of different income groups in the context of the Great Recession.Citation
Amromin, Gene, and Leslie McGranahan. 2015. "The Great Recession and Credit Trends across Income Groups." American Economic Review, 105 (5): 147-53. DOI: 10.1257/aer.p20151054Additional Materials
JEL Classification
- D14 Household Saving; Personal Finance
- E32 Business Fluctuations; Cycles
- E44 Financial Markets and the Macroeconomy
- G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages