How Much Does Household Collateral Constrain Regional Risk Sharing?
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We construct a new data set of consumption and income data for the largest US metropolitan areas, and we show that the covariance of regional consumption and income growth varies over time and in the cross-section. In times and regions where collateral is scarce, regional consumption growth is about
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美国国家经济研究局创建时间：
2004-05-01
