Household Debt and Recession in Brazil

Prepared for the Handbook of U.S. Consumer Economics edited by Benjamin Mandel and Andrew Haughwout. This work should not be reported as representing the views of the Central Bank of Brazil, nor does it necessarily reflect the views of the National Bureau of Economic Research. The views expressed in the chapter are those of the authors and not necessarily reflect those of the Central Bank of Brazil. We are thankful to Benjamin Mandel, Andrew Haughwout and all the participants in the Handbook Convening at JPMorgan Chase & Co. Institute. We are thankful to the staff of the Central Bank of Brazil for their comments and support, and in particular to: Carlos Viana de Carvalho, Andre Minella, Sergio Mikio Koyama, Toni R.E. dos Santos, Tony Takeda, Clodoaldo Annibal, Theo Cotrim Martins, Priscilla Koo Wilkens, Marcel Pinto, David Pereira, and Jaime Gregorio.