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Lessons learned from the Economics Department's research work on household balance sheets and related issues

Phil Briggs

Over the last three years, the Economics Department has undertaken a range of research regarding the financial position of households. This article provides an overview of this research. The work was largely motivated by concerns about rising household debt, an apparent decline in household saving, and rising house prices. Each of these issues can have consequences for financial stability and the economic cycle, and hence are of vital interest to the Reserve Bank.