D14

Jorge Miranda-Pinto · Daniel Murphy · Kieran James Walsh · Eric R. Young

A common observation from account-level bank data is that low-income, low-liquidity households often use additional income to repay debt rather than consume, and that household-level consumption is …

Vitaly M. Bord · Agnes Kovacs · Patrick Moran

Should regulators restrict banks from proactively raising credit card limits using machine-learning algorithms, and if so, how? The paper asks: to what extent are bank-initiated credit limit increases …

Francesco Lippi · Elia Moracci

Lippi and Moracci (2026) ask how euro area households choose between cash and card payments, and whether existing theoretical models can explain observed behavior. They draw on ECB payment diary …

Sara G Castellanos · Diego Jiménez-Hernández · Aprajit Mahajan · Eduardo Alcaraz Prous · Enrique Seira

This paper asks two related questions bearing on financial inclusion policy in developing countries: (1) How effective are credit card contract term changes — specifically interest rate reductions and …

Supreet Kaur · Sendhil Mullainathan · Suanna Oh · Frank Schilbach

The paper tests whether financial concerns distract workers sufficiently to meaningfully reduce their productivity, and whether receiving cash — by alleviating those concerns — can raise output even …

Jordan Roulleau-Pasdeloup

The paper asks whether an explicit, global, closed-form solution exists for the consumption function in the standard income fluctuation problem with a borrowing constraint and constant income, a …

Galina Vereshchagina

This paper quantifies how idiosyncratic firm-level risk affects aggregate output, TFP, and firm life-cycle growth in an environment where firm productivity evolves endogenously through risky …

Kozo Ueda

This paper asks whether heterogeneity in the marginal propensity to consume (MPC) stems from temporary circumstances (e.g., transient wealth shocks that tighten liquidity) or persistent personal …

Anna Grodecka-Messi · Jieying Li · Xin Zhang

This paper investigates how rising house prices affect the composition of household debt portfolios in Sweden during 2010–2014. Specifically, the authors ask whether homeowners who experience housing …

Benjamin L. Collier · Cameron M. Ellis · Benjamin J. Keys

This paper estimates the shadow cost that consumers assign to pledging their primary residence as collateral, using administrative loan application and performance data from the U.S. Federal Disaster …