Household Debt: Facts, Puzzles, Theories, and Policies
综述家庭债务的普遍性、水平、增长和构成，以及消费者选择、市场效率、弹性与价格等理论与实证研究，并指出政策评估的机遇与挑战，为研究者提供未来方向。
Borrowing decisions affect most households, with large stakes and implications for research subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer choice and market (in)efficiency, elasticities, and prices, including new evidence on how borrowing heterogeneity affects the distribution of the opportunity cost of consumption. I also discuss opportunities and challenges in policy evaluation. A key takeaway is that puzzles abound, and I highlight numerous avenues for further research.