Dynan, K. (2012), “Is a Household Debt Overhang Holding Back Consumption?”, Brookings Papers on Economic Activity (Spring 2012), pp. 299–344. Ehrmann, M. and Ziegelmeyer, M. (2013), “Household Risk Management and Actual Mortgage Choice in the Euro Area”, mimeo.
Risks to the outlook Participants at the June FOMC meeting indicated that they see a higher degree of uncertainty about their forecasts than normal and that the risks to economic growth have increased. I would like to highlight two main sources of risk: The first is the euro-area fiscal and banking crisis; the second is the U.S. fiscal situation.