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Helping Homeowners During the Covid-19 Pandemic: Lessons from the Great Recession
The Covid-19 public health crisis has sharply reduced the earnings of millions of U.S. households, following the severe curtailment of economic activity needed to contain the spread of the virus. Meanwhile, households continue to confront their ongoing financial obligations. The ability of households to manage these obligations has important consequences for the speed at which the U.S. economy can recover from the current crisis. Households that are wiped out financially in the coming months will not be in a position to strongly resume spending once the virus containment issues have passed. ...
Newsletter
Tracking Economic Underperformance in Counties Across the U.S. and Seventh District States
In this article, I estimate that 80% of the population of the five states of the Seventh Federal Reserve District lives in a county that trailed the nation’s cumulative growth in real gross domestic product (GDP) and employment from near the start of the twenty-first century through 2023. Further analysis of counties’ relative economic performance suggests that the Seventh District states are unique: They have elevated shares of people living in counties that trail the nation in real GDP and employment growth; they experience more lackluster growth; and their underperforming counties ...