2  See, for example, Blundell, Pistaferri and Preston (2008), Broda and Parker (2012), Kreiner, Lassen and LethPetersen (2012) and Jappelli and Pistaferri (2013). 3  See, for example, Slacalek (2009). 4  See, for example, Dynan (2012) and Mian, Rao and Sufi (2013).
2  BIS central bankers’ speeches  Additional evidence from the HFCS also suggests that low-income households may be financially particularly vulnerable to economic shocks, as they, for example, typically face higher debt-assets and debt service-to-income ratios than households with higher incomes.