This book is one of the best written on the impact of leverage and debt on aggregate demand. There is a lot of talk on the wealth effect, income inequality, balance sheet recession, and consumer behavior, but this one book touches all of these issues in a thoughtful manner. The authors do a great job of writing about leverage and wealth effects on consumers with clarity. They also effectively use disaggregated data across regions and income groups to provide a persuasive case for their arguments. They show the fallacies of looking at aggregate data to make generalization about the state of the macro economy.
Reading this book will have a profound impact on how you look at the ravages of leverage on marginal consumers who cannot afford a balance sheet shock.