THE INFORMATION TECHNOLOGY REVOLUTION AND THE UNSECURED CREDIT MARKET
研究了信息技术革命如何通过降低信息成本，使更多家庭借贷并导致破产申请增加，用不对称信息和昂贵筛选的违约风险模型解释了美国无担保信贷市场的转变。
The information technology (IT) revolution coincided with the transformation of the U.S. unsecured credit market. Households' borrowing increased rapidly and there was an even faster increase in bankruptcy filings. A risk of default model with asymmetric information and costly screening is introduced to study this period. When information costs are high, the design of contracts under private information prevents some households from borrowing with a risk of default. As information costs drop, households borrow more and bankruptcy filings increase. Quantitative exercises suggest that the IT revolution may have played an important role in the transformation of the unsecured credit market.