Consumer Credit Trends by Income and Geography in 2001–12

Gene Amromin, Leslie McGranahan, Diane Whitmore Schanzenbach

Research output: Contribution to journalArticle

Abstract

As economists have tried to understand the causes of the Great Recession and its consequences for households and firms, a consensus has emerged: The severity of the recession was amplified by the rapid buildup in consumer credit leading up to it and the subsequent credit retrenchment. However, the credit cycle played out unevenly among individuals of different financial means and across different parts of the U.S. Thus, one potential key to understanding the Great Recession is documenting how credit trends varied across the distribution of income and across geography, as well as across the two measures jointly.
Original languageEnglish (US)
Number of pages4
JournalChicago Fed Letter
Issue number342
StatePublished - 2015

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Great Recession
Geography
Income
Credit
Consumer credit
Recession
Household
Economists
Severity
Distribution of income
Credit cycle
Retrenchment

Cite this

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abstract = "As economists have tried to understand the causes of the Great Recession and its consequences for households and firms, a consensus has emerged: The severity of the recession was amplified by the rapid buildup in consumer credit leading up to it and the subsequent credit retrenchment. However, the credit cycle played out unevenly among individuals of different financial means and across different parts of the U.S. Thus, one potential key to understanding the Great Recession is documenting how credit trends varied across the distribution of income and across geography, as well as across the two measures jointly.",
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Consumer Credit Trends by Income and Geography in 2001–12. / Amromin, Gene; McGranahan, Leslie; Schanzenbach, Diane Whitmore.

In: Chicago Fed Letter, No. 342, 2015.

Research output: Contribution to journalArticle

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AB - As economists have tried to understand the causes of the Great Recession and its consequences for households and firms, a consensus has emerged: The severity of the recession was amplified by the rapid buildup in consumer credit leading up to it and the subsequent credit retrenchment. However, the credit cycle played out unevenly among individuals of different financial means and across different parts of the U.S. Thus, one potential key to understanding the Great Recession is documenting how credit trends varied across the distribution of income and across geography, as well as across the two measures jointly.

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