Response of Consumer Debt to Income Shocks: The Case of Energy Booms and Busts
研究了油气开发带来的局部收入冲击如何影响消费者债务，发现页岩资源丰富且钻井增加的县人均债务峰值增加660美元，边际借贷倾向为0.45。
Abstract Consumer debt is an important vehicle for smoothing through income shocks. I study localized income shocks from oil and gas development to investigate consumer response. Using quarterly information on consumer debt and oil and gas activity between 2000 and 2016, I find that consumer debt increased at a peak of $660 per capita, equivalent to 1.3% of median household income in counties with shale endowment and increased drilling. Shocks to local wages via drilling revealed a marginal propensity to borrow of 0.45. Relative to areas with oil and gas development experience, the marginal propensity to borrow was two times larger in previously undeveloped areas.