Replication data for: "Fisher Dynamics" in US Household Debt, 1929-2011
- Mason, J. W.
- Jayadev, Arjun
AbstractThe evolution of debt-income ratios over time depends on income growth, inflation, and interest rates, independent of any changes in borrowing. We examine the effect of these "Fisher dynamics" on household debt-income ratios in the United States over the period 1929–2011. Adapting a standard decomposition of public debt to household sector debt, we show that these factors explain, in accounting terms, a large fraction of the changes in household debt-income ratios observed historically. More recently, debt defaults have also been important. Changes in household debt-income ratios over time cannot be straightforwardly interpreted as reflecting shifts in the supply and demand of household credit.
Is supplement to
DOI: 10.1257/mac.6.3.214 (Text)
Mason, J. W., and Arjun Jayadev. “‘Fisher Dynamics’ in US Household Debt, 1929–2011.” American Economic Journal: Macroeconomics 6, no. 3 (July 2014): 214–34. https://doi.org/10.1257/mac.6.3.214.
- ID: 10.1257/mac.6.3.214 (DOI)
Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-07