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Three Essays On U.S. Household Debt And The Sources Of Systemic Financial Fragility, Thomas Herndon
Three Essays On U.S. Household Debt And The Sources Of Systemic Financial Fragility, Thomas Herndon
Doctoral Dissertations
This dissertation consists of three essays which analyze the role of household debt in the financial crisis of 2007-2009, and weak recovery that followed. In these essays, I pursue the following research topics: 1) Estimation of the effects of mortgage fraud on losses to foreclosure, 2) Estimation of whether loan modifications increased or decreased debt, and 3) Analyzing the historical evolution of housing finance regulation to advance a proposal for reform. While formally independent, these essays share a common theoretical perspective located at the intersection of financial macroeconomics and political economy. These essays analyze how conflicts of interest and inside …