Consumer debt and unemployment

Sherrill Shaffer, Bianca Zuniga

    Research output: Contribution to journalArticle

    Abstract

    We present evidence that US consumer debt has varied inversely with unemployment rates since 1990, potentially reflecting responses by households and/or lenders to adverse labour market conditions, and helping explain why consumer debt recently fell despite low interest rates. For several measures of debt, unemployment exhibits greater explanatory power and economic significance than interest rates.
    Original languageEnglish
    Pages (from-to)1250-1252
    JournalApplied Economics Letters
    Volume23
    Issue number17
    DOIs
    Publication statusPublished - 2016

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