Essays in Applied Macroeconomics

This dissertation consists of three chapters in applied macroeconomics. The chapter, though independent and self-contained, are linked by the common goal of shedding light on the macroeconomic implications of household and non-financial corporate debt. The first chapter surveys the vast literature on the macroeconomic implications of household debt in the aftermath of the global financial crisis. The second chapter addresses the question of whether monetary policy has affected the housing sector and household debt differently over time in the United States in the last six decades using a medium-scaled vector autoregression model with the-varying parameters. The third chapter explores the macroeconomic effects of borrowing by non-financial corporations.