House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

    By Atif Mian, Amir Sufi
The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession - that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in 'House of Debt' how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.

    REVIEW QUOTES
"Atif Mian and Amir Sufi, our leading experts on the macroeconomic effects of private debt, have a new blog [www.houseofdebt.org]-- and it has instantly become must reading."--Paul Krugman "New York Times "

 
House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again

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Language
Published 05/2014
Publisher University of Chicago Press
Availability Available
Pages 219

Product Identifiers
9780226081946 — Hardcover