18 This suggests the potential value of better understanding the specific patterns in household finances that would give an early warning of a crisis. In carrying out our responsibilities to monitor and safeguard the stability of the financial system, although much of the work has  17  See Board of Governors (2017).
See, for example, Rajan (2010); Dynan (2012); and Mian, Rao, and Sufi (2013) on how high levels of mortgage debt may have made the Great Recession more severe and slowed the recovery.