The heterogeneous reactions of household credit to income shocks
JEL Codes D14, D15, G51, H31 Interactive Visualization: Bartik Instrument The map below shows variation in our Bartik (shift-share) instrument across US counties from 2005 to 2020. The instrument predicts local earnings shocks based on national industry trends weighted by each county’s pre-period industry composition.
Apr 8, 2026