Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Discussion Paper
Have Consumers Been Deleveraging?
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Haughwout, Andrew F. (2011-03-21)
Since its peak in summer 2008, U.S. consumers? indebtedness has fallen by more than a trillion dollars. Over roughly the same period, charge-offs?the removal of obligations from consumers? credit reports because of defaults?have risen sharply, especially on loans secured by houses, which make up about 80 percent of consumer liabilities. An important question for gauging the behavior of U.S. consumers is how to interpret these two trends. Is the reduction in debts entirely attributable to defaults, or are consumers actively reducing their debts? In this post, we demonstrate that a significant ...
Liberty Street Economics , Paper 20110321

Discussion Paper
Coronavirus Outbreak Sends Consumer Expectations Plummeting
Armantier, Olivier; Koşar, Gizem; Topa, Giorgio; Skandalis, Daphne; Smith, Kyle; Van der Klaauw, Wilbert; Pomerantz, Rachel (2020-04-06)
The New York Fed’s Center for Microeconomic Data released results today from its March 2020 Survey of Consumer Expectations (SCE), which provides information on consumers' economic expectations and behavior. In particular, the survey covers respondents’ views on how income, spending, inflation, credit access, and housing and labor market conditions will evolve over time. The March survey, which was fielded between March 2 and 31, records a substantial deterioration in financial and economic expectations, including sharp declines in household income and spending growth expectations. As ...
Liberty Street Economics , Paper 20200406b

Report
Determinants of mortgage default and consumer credit use: the effects of foreclosure laws and foreclosure delays
Chan, Sewin; Haughwout, Andrew F.; Hayashi, Andrew; Van der Klaauw, Wilbert (2015-06-01)
The mortgage default decision is part of a complex household credit management problem. We examine how factors affecting mortgage default spill over to other credit markets. As home equity turns negative, homeowners default on mortgages and HELOCs at higher rates, whereas they prioritize repaying credit cards and auto loans. Larger unused credit card limits intensify the preservation of credit cards over housing debt. Although mortgage non-recourse statutes increase default on all types of housing debt, they reduce credit card defaults. Foreclosure delays increase default rates for both ...
Staff Reports , Paper 732

Discussion Paper
Mortgage Rate Lock‑In and Homeowners’ Moving Plans
Aidala, Felix; Haughwout, Andrew F.; Hyman, Benjamin; Somerville, Jason; Van der Klaauw, Wilbert (2024-05-06)
The U.S. housing market has had a tumultuous few years. After falling to record lows during the pandemic, the average 30-year mortgage rate rapidly increased in 2022 and 2023 and now hovers near a two-decade high of 7.2 percent. For those that locked in a low mortgage rate prior to 2022, this steep increase has significantly increased the cost of moving, as taking out a mortgage at current rates would potentially increase their monthly housing payment by hundreds or thousands of dollars, even if the amount they borrowed remained unchanged. As shown by Ferreira et al. (2011), this lock-in ...
Liberty Street Economics , Paper 20240506

Discussion Paper
Just Released: Student Loan Delinquency Rate Defies Overall Downward Trend in Household Debt and Credit Report for Fourth Quarter 2014
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Haughwout, Andrew F.; Scally, Joelle (2015-02-17)
Today, the New York Fed released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2014. The report is based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data. Overall, aggregate balances increased by $117 billion, or 1.0 percent, boosted by increases in all credit types except home equity lines of credit.
Liberty Street Economics , Paper 20150217

Discussion Paper
Introducing the FRBNY Survey of Consumer Expectations: Household Finance Expectations
Armantier, Olivier; Zafar, Basit; Topa, Giorgio; Van der Klaauw, Wilbert (2013-12-06)
In this fourth and final post in our series describing the new FRBNY Survey of Consumer Expectations (SCE), we present the final component of the survey, dedicated to household finance. The information collected in the SCE on household income, spending, and access to credit will provide a real-time picture of U.S. households? situation and perceptions as well as rich and unique data for use by policymakers, researchers, and the public. While other surveys, such as the triennial Survey of Consumer Finances, provide data on the finances of U.S. families, few data sources provide timely ...
Liberty Street Economics , Paper 20131206

Discussion Paper
Have Consumers Been Deleveraging?
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Haughwout, Andrew F. (2011-03-21)
Since its peak in summer 2008, U.S. consumers’ indebtedness has fallen by more than a trillion dollars. Over roughly the same period, charge-offs—the removal of obligations from consumers’ credit reports because of defaults—have risen sharply, especially on loans secured by houses, which make up about 80 percent of consumer liabilities. An important question for gauging the behavior of U.S. consumers is how to interpret these two trends. Is the reduction in debts entirely attributable to defaults, or are consumers actively reducing their debts? In this post, we demonstrate that a ...
Liberty Street Economics , Paper 20110321

Discussion Paper
Looking at Student Loan Defaults through a Larger Window
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Brown, Meta; Van der Klaauw, Wilbert (2015-02-19)
Most of our previous discussion about high levels of student loan delinquency and default has used static measures of payment status. But it is also instructive to consider the experience of borrowers over the lifetime of their student loans rather than at a point in time. In this second post in our three-part series on student loans, we use the Consumer Credit Panel (CCP), which is itself based on Equifax credit data, to create cohort default rates (CDRs) that are analogous to those produced by the Department of Education but go beyond their three-year window. We find that default rates ...
Liberty Street Economics , Paper 20150219

Discussion Paper
Credit Card Trends Begin to Normalize after Pandemic Paydown
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Scally, Joelle; Van der Klaauw, Wilbert (2021-11-09)
Today, the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the third quarter of 2021. Overall debt balances increased, bolstered primarily by a sizeable increase in mortgage balances, and for the second consecutive quarter, an increase in credit card balances. The changes in credit card balances in the second and third quarters of 2021 are remarkable since they appear to be a return to the normal seasonal patterns in balances. In a Liberty Street Economics post earlier this year we wrote about some demographic variation in these ...
Liberty Street Economics , Paper 20211109

Discussion Paper
How and Why Do Consumers Use “Buy Now, Pay Later”?
Aidala, Felix; Mangrum, Daniel; Van der Klaauw, Wilbert (2024-02-14)
In a previous post, we highlighted that financially fragile households are disproportionately likely to use “buy now, pay later” (BNPL) payment plans. In this post, we shed further light on BNPL’s place in its users’ household finances, with a particular focus on how use varies by a household’s level of financial fragility. Our results reveal substantially different use patterns, as more-fragile households tend to use the service to make frequent, relatively small, purchases that they might have trouble affording otherwise. In contrast, financially stable households tend to not use ...
Liberty Street Economics , Paper 20240214

show more (79)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords