1703430840
1703430841
[3]Timothy Classen and Richard A.Dunn对自杀风险进行了研究,“The Effect of Job Loss and Unemployment Duration on Suicide Risk in the United States
:A New Look Using MassLayoffs and Unemployment Duration,” Health Economics 21 (2011)
:338-50; Steven J.Davis and Till von Wachter研究了收入损失,“Recessions and the Costs of Job Loss,” Brookings Papers on Economic Activity,Fall 2011。
1703430842
1703430843
[4]Franklin Delano Roosevelt,“Fireside Chat,” September 30,1934.
1703430844
1703430845
[5]John Maynard Keynes,The General Theory of Employment,Interest,and Money(1935; reprint,CreateSpace Independent Publishing Platform,2011).
1703430846
1703430847
[6]Arthur Conan Doyle,“A Scandal in Bohemia,” in The Adventures of Sherlock Holmes (London
:George Newnes Ltd.,1892),http://168.144.50.205/221bcollection/canon/scan.htm.
1703430848
1703430849
[7]David Beim,“It’s All about Debt,” Forbes,March 19,2009,http://www.forbes.com/2009/03/19/householddebtgdpmarketsbeim.html.
1703430850
1703430851
[8]Charles Persons,“Credit Expansion,1920 to 1929,and Its Lessons,” Quarterly Journal of Economics 45 (1930)
:94-130.
1703430852
1703430853
[9]Martha Olney,“Avoiding Default
:The Role of Credit in the Consumption Collapse of 1930,” Quarterly Journal of Economics 114 (1999)
:319-35.
1703430854
1703430855
[10]Barry Eichengreen and Kris Mitchener,“The Great Depression as a Credit Boom Gone Wrong,” Bank for International Settlements Working Paper 137 (2003)
:36.
1703430856
1703430857
[11]Olney,“Avoiding Default,” 321; Frederic Mishkin,“The Household Balance Sheet and the Great Depression,” Journal of Economic History 38 (1978)
:918-37.
1703430858
1703430859
[12]Persons,“Credit Expansion.”
1703430860
1703430861
[13]Peter Temin,Did Monetary Forces Cause the Great Depression? (New York
:Norton,1976).
1703430862
1703430863
[14]Reuven Glick and Kevin J.Lansing,“Global Household Leverage,House Prices,and Consumption,” Federal Reserve Bank of San Francisco Economic Letter,January 11,2010.
1703430864
1703430865
[15]International Monetary Fund,“Chapter 3
:Dealing with Household Debt,” in World Economic Outlook
:Growth Resuming,Dangers Remain,April 2012.
1703430866
1703430867
[16]Mervyn King,“Debt Deflation
:Theory and Evidence,” European Economic Review 38 (1994)
:419-45.
1703430868
1703430869
[17]Carmen Reinhart and Kenneth Rogoff ,“Is the 2007 US SubPrime Financial Crisis So Different?
:An International Historical Comparison,” American Economic Review 98 (2008)
:339-44.
1703430870
1703430871
[18]Carmen Reinhart and Kenneth Rogoff ,This Time Is Different (Princeton,NJ
:Princeton University Press,2009).
1703430872
1703430873
[19]Oscar Jorda,Moritz Schularick,and Alan M.Taylor,“When Credit Bites Back
:Leverage,Business Cycles,and Crisis” (working paper no.17621,NBER,2011).
1703430874
1703430875
[20]IMF的研究也确认了这一点,他们认为,即使没有银行业危机,家庭债务的上升也会使衰退更加严重,参见IMF,“Chapter 3
:Dealing with Household Debt”。
1703430876
1703430877
[21]Jorda,Schularick,and Taylor,“When Credit Bites Back,” 5.
1703430878
1703430879
[22]George W.Bush,“Speech to the Nation on the Economic Crisis,” September 24,2008,http://www.nytimes.com/2008/09/24/business/economy/24textbush.html?pagewanted=all&_r=0.
1703430880
1703430881
第2章
1703430882
1703430883
[1]本部分的所有数据来自美联储的消费者金融调查。
1703430884
1703430885
[2]杠杆乘数的数学定义为1/(1-LTV),其中LTV是家庭的贷款与房屋价值的比率。在这个例子中,LTV为80%,这就使得1/(1-0.80) = 5。LTV越高,那么杠杆乘数就越大。
1703430886
1703430887
[3]要了解我们研究所用数据的全面概括,可以参看以下研究:Atif Mian and Amir Sufi,“The Consequences of Mortgage Credit Expansion
:Evidence from the U.S.Mortgage Default Crisis,” Quarterly Journal of Economics 124 (2009)
:1449-96; Atif Mian and Amir Sufi ,“Household Leverage and the Recession of 2007-2009,” IMF Economic Review 58 (2010)
:74-117; and Atif Mian,Kamelesh Rao,and Amir Sufi ,“Household Balance Sheets,Consumption,and the Economic Slump,” Quarterly Journal of Economics,forthcoming。
1703430888
1703430889
[4]CoreLogic Press Release,“CoreLogic Third Quarter 2011 Negative Equity Data Shows Slight Decline but Remains Elevated,” November 29,2011,http://www.corelogic.com/aboutus/news/corelogicthirdquarter2011negativeequitydatashowsslightdeclinebutremainselevated.aspx.
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