* The idea that private-sector debt might be the cause of a depression has not been influential in academic circles "because of the counterargument that debt-deflation represented no more than a redistribution from one group (debtors) to another (creditors)." ( Ben Bernanke, 1995 --http://fraser.stlouisfed.org/docs/meltzer/bermac95.pdf )
The research by Sufi and Mian tears a big hole in these arguments.
* "What is killing the economy is lack of credit" -- http://www.nytimes.com/2011/09/20/opinion/nocera-no-extra-cr...
* The idea that private-sector debt might be the cause of a depression has not been influential in academic circles "because of the counterargument that debt-deflation represented no more than a redistribution from one group (debtors) to another (creditors)." ( Ben Bernanke, 1995 --http://fraser.stlouisfed.org/docs/meltzer/bermac95.pdf )
The research by Sufi and Mian tears a big hole in these arguments.