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Consumer Credit and the American Economy - Oxford Scholarship Online
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Consumer Credit and the American Economy

Thomas A. Durkin, Gregory Elliehausen, Michael E. Staten, and Todd J. Zywicki


Chapters 1 to 5 discuss types, trends, and basic economics and psychology of consumer credit use, including credit demand, credit supply, theories from behavioral economics, and financial intermediation. Chapters 3 and 4 focus on how credit use can be productive for individuals (that is, wealth-increasing when there is a positive net present value to the transaction) and how it can change the timing of consumption to a preferred pattern. Individuals intuitively realize this, and survey evidence suggests that most uses of consumer credit involve productive purposes. Some uses of consumer credit ... More

Keywords: bankruptcy, behavioral economics, consumer credit, credit bureaus, credit cards, credit counseling, credit scoring, financial intermediation, regulation

Bibliographic Information

Print publication date: 2014 Print ISBN-13: 9780195169928
Published to Oxford Scholarship Online: August 2014 DOI:10.1093/acprof:oso/9780195169928.001.0001


Affiliations are at time of print publication.

Thomas A. Durkin, author
Board of Governors of the Federal Reserve System

Gregory Elliehausen, author
Board of Governors of the Federal Reserve System

Michael E. Staten, author
University of Arizona