Abstract We address instrumentalized co-movements across time and frequencies between macro-finance variables and household decisions in terms of consumer loans, home mortgage and its respective delinquency rates in U.S. Methodologically, we use partial wavelet coherency, partial phase-difference diagram and partial regression coefficient. We provide insights to stock market return prediction and asset pricing puzzles. Our findings are useful to draw public policies to safeguard financial stability and to analyze financial crisis drivers. The simultaneous variation of statistics along time and frequencies allow us to detect new stylized facts about the last three decades of U.S. financial development and economic growth.

中文翻译：

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信用、违约、金融体系和发展

摘要 我们在美国的消费贷款、住房抵押贷款及其各自的拖欠率方面解决了宏观金融变量和家庭决策之间跨时间和频率的工具化联动关系。在方法论上，我们使用偏小波相干、偏相位差图和偏回归系数。我们提供有关股票市场回报预测和资产定价难题的见解。我们的发现有助于制定公共政策以维护金融稳定并分析金融危机的驱动因素。统计数据随时间和频率的同时变化使我们能够发现有关过去三年美国金融发展和经济增长的新的程式化事实。