Abstract

Papers from the second joint Private Debt Project-Center for Household Financial Stability, St. Louis Federal Reserve Bank conference on household indebtedness and its consequences.

Special Conference: 

Tipping Points II:Understanding the Impact of Household Debt on Growth 

June, 2017

New York, New York

The Private Debt Project and the Center for Household Financial Stability are proud to present the second of our "Tipping Points" conferences. While the first, June 2016, Tipping Points conference focused on the microeconomic and demographic aspects of American household debt, the 2017 conferences examines the macroeconomic questions surrounding household indebtness. Both conferences ask at what the "tipping point" is when debt goes from an engine of growth to a drag on it. 

I. Executive Summary

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Ray Boshara, Federal Reserve of St. Louis

II. "Household Debt at the Tipping Point: When and Why Does Household Borrowing Hurt the Economy?" 

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William Evans and Lowell R. Ricketts, The Federal Reserve of St. Louis 

III. "The Great American Debt Boom "1949-2013" 

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Moritz Schularick, Mortiz Khun, Ulrike I. Steins, The University of Bonn

IV. "The Real Effects of Household Debt in the Short and Long Run"

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Marco Jacopo Lombardi, The Bank of International Settlements 

V. "How Do Credit Supply Shocks Affect the Real Economy? Evidence from the United States in the 1980s" 

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Atif Mian, Princeton Univerity 

VI. Keynote Speaker Address: "The Evolving U.S. Economy and Household Debt"

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Karen Dynan, Peterson Institute for International Economics

VII. "Income Distribution, Household Debt, and Aggregate Demand: A Critical Assessment" 

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J.W. Mason, The John Jay College of Criminal Justice 

VIII. "Reversing the Tipping Point" 

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Barry Cynamon, Center for Household Financial Stability, Federal Reserve Bank of St. Louis

Author(s)

ADDITIONAL ARTICLES

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Richard Vague on Why Large Rapid Build Ups of Private Debt Cause Financial Crises.

An excerpt from The Next Economic Disaster: Why It's Coming and How to Avoid It.

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America's Private Debt Problem: How Private Debt is Slowing Down Growth and Hurting the Middle Class

A World Economic Roundtable report on private debt and the American middle class.

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A Guide to Essential Readings on Private Debt

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Private Debt Bonanza, Public Debt Legacies: The Euro-Zone’s Experience With Liberalized Private Finance Under Its Ill-Designed Currency Union

How institutional design and austerity is destroying the European economy