This article investigates the macroeconomic determinants of household debt in developed economies using a sample comprising 26 OECD countries for the period of 2002q1–2020q4. By resorting to the unconditional quantile regression, we find relevant asymmetries in the response of household debt. According to our results, economic growth leads to lower household debt, but the beneficial effect decreases as the level of household debt increases. Inflation lowers household borrowing only if the level of debt is high. Higher house prices lead to higher household debt, with the impact becoming stronger as the level of debt is higher. Investments go hand in hand with household debt, and higher investments lead to higher levels of borrowing, even when household debt is already high. Mortgage credit interest rates are positively linked with household debt, starting with higher debt levels. A rising unemployment rate leads to lower household debt, but the link becomes weaker as the level of debt increases. Higher public expenditures are generally associated with lower household debt. In addition, we find that household debt exhibits very powerful autoregressive behavior, being difficult to reduce rapidly in the case of need.

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Abstract.A frequently problem found in case of serial production is the balancing of flow lines. This paper shows how using modelling and simulation procedures can put in evidence the bottleneck in the manufacturing flow. These situations occur to the case where the corresponding times of the technological operations differ very much. Using the program TECNOMATIX PLANT SIMULATION can be highlighted those dysfunctions that may appear during of the manufacturing system operation. It is also possible to identify the solutions to allow equilibration of the lines of the manufacturing process. The program TECNOMATIX PLANT SIMULATION offers a variety of information useful for/in the decision makers in the management of the manufacturing process.

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