How Severe Was the Credit Cycle in the New York-Northern New Jersey Region?

7 Pages Posted: 18 Dec 2012

See all articles by Jaison R. Abel

Jaison R. Abel

Federal Reserve Bank of New York

Richard Deitz

Federal Reserve Bank of New York - Research Group

Date Written: October 1, 2012

Abstract

U.S. households accumulated record-high levels of debt in the 2000s and then began a process of deleveraging following the Great Recession and financial crisis. However, the magnitude of these swings in the use of credit varied considerably within the United States. An analysis of trends in household debt over the past decade shows that compared with the nation as a whole, the New York-Northern New Jersey region experienced a relatively mild "credit cycle," although pockets of financial stress exist.

Keywords: price rent ratio, New York City

JEL Classification: D14, R10

Suggested Citation

Abel, Jaison R. and Deitz, Richard, How Severe Was the Credit Cycle in the New York-Northern New Jersey Region? (October 1, 2012). Current Issues in Economics and Finance, Vol. 18, No. 8, 2012, Available at SSRN: https://ssrn.com/abstract=2190577 or http://dx.doi.org/10.2139/ssrn.2190577

Jaison R. Abel (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Richard Deitz

Federal Reserve Bank of New York - Research Group ( email )

33 Liberty Street
New York, NY 10045
United States

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