Replication data for: "Fisher Dynamics" in US Household Debt, 1929-2011

Principal Investigator(s): View help for Principal Investigator(s) J. W. Mason; Arjun Jayadev

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Project Citation:

Mason, J. W., and Jayadev, Arjun. Replication data for: “Fisher Dynamics” in US Household Debt, 1929-2011. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116431V1

Project Description

Summary: The evolution of debt-income ratios over time depends on income growth, inflation, and interest rates, independent of any changes in borrowing. We examine the effect of these "Fisher dynamics" on household debt-income ratios in the United States over the period 1929–2011. Adapting a standard decomposition of public debt to household sector debt, we show that these factors explain, in accounting terms, a large fraction of the changes in household debt-income ratios observed historically. More recently, debt defaults have also been important. Changes in household debt-income ratios over time cannot be straightforwardly interpreted as reflecting shifts in the supply and demand of household credit.

Scope of Project

JEL Classification:
      D14 Household Saving; Personal Finance
      E21 Macroeconomics: Consumption; Saving; Wealth
      E31 Price Level; Inflation; Deflation
      E43 Interest Rates: Determination, Term Structure, and Effects
      H63 National Debt; Debt Management; Sovereign Debt
      N32 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: U.S.; Canada: 1913-

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V1 [2019-12-07]

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