Search Results
Working Paper
Underserved mortgage markets: evidence from HMDA data
A baseline evaluation of the variation in mortgage credit flows across different types of neighborhoods using HMDA data collected in 1990 and 1991.
Working Paper
Accounting for racial differences in housing credit markets
A documentation of racial and neighborhood differences in home mortgage denial rates using data collected under the Home Mortgage Disclosure Act, exploring the extent to which objective lending criteria are responsible for observed differences. The authors find persistent variations in denial rates between white and minority applicants, but emphasize that the HMDA data do not contain enough relevant information to draw any firm conclusions regarding causation.
Journal Article
Generation recession? How the recession may change America
Nobody yet knows the ultimate footprint that the Great Recession will have on the nation. We do know that much of it depends on the choices that Americans make in response?everything from personal saving to labor force participation is in play. Ultimately, these choices will help determine how ?great? the recession really turns out to be.
Working Paper
Neighborhood information and home mortgage lending.
An examination of how information about a neighborhood affects the level of lending activity in it--specifically, whether lenders deny mortgage applications at higher rates in neighborhoods where they have little experience in evaluating applications and/or where the lending community in general lacks such experience.
Journal Article
Cross-lender variation in home mortgage lending
An evaluation of the feasibility of using Home Mortgage Disclosure Act (HMDA) data to form quantitative measures of fair lending for use in enforcement. The authors find that cross-lender differences in minority and low-income originations primarily reflect differences in application rates, not in approval rates, and that most of the variation in lender behavior cannot be attributed to variance in applicant characteristics reported in the HMDA data or to differences in the geographic markets served by the lenders.
Journal Article
Information dynamics and CRA strategy
A look at how the quantity and source of information flowing to lenders can affect their credit decisions, and an argument that lenders should take advantage of the CRA provisions that allow them to address their obligations through joint-lending programs and qualified investments.
Journal Article
Collective bargaining and disinflation
A discussion of wage behavior over the business cycle and of the effect of deferred wage increases, cost-of-living adjustments, and current settlements on labor union rates, using the auto industry as an example.
Journal Article
Monetary policy in the cold war era
An explanation of why, in the face of a booming economy, low unemployment, and scant inflation pressures, the Federal Reserve must continue its campaign to achieve price stability.
Conference Paper
Monetary policy in a low-inflation environment: a conference sponsored by the Federal Reserve Banks of Boston, New York, Cleveland, Richmond, Atlanta, St. Louis, and Minneapolis, and the Board of Governors of the Federal Reserve System, October 18-20, 1999
A diverse group of economists and policymakers gathered in Woodstock, Vermont, in October 1999 to discuss the conduct of monetary policy in a low-inflation environment. The conference was held at a time when many countries had successfully reduced their inflation rates to the low single digits, an outcome without recent historical precedent that raises important questions about the conduct of monetary policy.