Igor Livshits is an Economic Advisor and Economist at the Federal Reserve Bank of Philadelphia. Prior to joining the Fed in 2017, Dr. Livshits was an Associate Professor at the University of Western Ontario. His main area of research is consumer credit. His papers with J. MacGee and M. Tertilt have been published in the American Economic Review, American Economic Journal Macroeconomics, the Review of Economic Studies, and the Journal of European Economic Association (where Florian Exler is also