The Effects of Macroeconomic Shocks: Household Financial Distress Matters
研究发现，宏观经济冲击下，家庭财务困境状况不同导致信贷获取差异，进而影响消费反应；且财务困境家庭遭受的冲击更严重，量化表明财务困境异质性对个体和总消费的影响大于冲击严重性。
Abstract When a macroeconomic shock arrives, variation in household balance sheet health (captured by the presence of financial distress, or “FD”) leads to differential access to credit and hence a distribution in consumption responses. As we document, though, over the past two recessions, households in prior FD also experienced macroeconomic shocks more intensely than others, leading to a distribution of shock severity. Quantifying the importance of each dimension of heterogeneity (FD or shock severity) for consumption requires a structural model. We find that heterogeneity in FD matters more for shaping the responses of individual and aggregate consumption to shocks.