Credit Card Debt and Default over the Life Cycle
构建了一个包含无抵押借贷和违约可能性的生命周期消费模型，模拟发现社会污名、信用额度、教育水平和收入冲击类型显著影响违约率，且模型能同时解释消费者持有信用卡债务和流动资产的现象。
This paper solves an empirically parameterized model of life cycle consumption, which allows for uncollaterized borrowing and the possibility of default. The simulation results show that: (i) “social stigma ” and credit limit have a very large impact on default rates; (ii) education level also has a significant effect on the probability of default, namely, through differences in the shape of lifetime labor income profiles; and (iii) the response of simulated default rates to labor income shocks is determined by the nature of labor income uncertainty (temporary versus permanent). Additionally, the model generates simultaneous consumer holdings of credit card debt and liquid assets.