WP 21-42 – Do cognitive biases call for regulation to limit the use of credit? We incorporate over-optimistic and rational borrowers into an incomplete markets model with consumer bankruptcy.
We study credit and payment markets to understand how they affect consumers and the economy.
To gauge how the unprecedented economic downturn and related surge in unemployment affected individual households as a result of the COVID-19 pandemic, this latest research brief focused on the strategies respondents used to help make ends meet based on data from the Consumer Finance Institute’s COVID-19 Survey of Consumers.
WP 21-41 – We examine how a negative shock from severe identity theft affects consumer credit market behavior in the United States.
WP 21-38 – We construct a two-period model of revolving credit with asymmetric information and adverse selection.
WP 21-36 – We document that increasing penalties for default reduces strategic default in financial crises by exploiting the 2009 changes to Canadian consumer insolvency regulations.
Get the Philadelphia Fed’s latest information, resources, and research on the coronavirus pandemic's impact on businesses, households, and communities.
We regularly invite outside experts in consumer finance and payments to conduct independent research, collaborate with our staff economists and analysts, and participate in our events.
The Risk Assessment, Data Analysis, and Research (RADAR) Group has created a monthly report examining mortgage forbearances and delinquencies.