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Author:Whitaker, Stephan D. 

Journal Article
Making financial markets safer for consumers: lessons from consumer goods markets and beyond

In the wake of the mortgage meltdown, policymakers are discussing how best to protect consumers in financial product markets.
Forefront , Issue Winter , Pages 8-13

Working Paper
Big Data versus a Survey

Economists are shifting attention and resources from work on survey data to work on ?big data.? This analysis is an empirical exploration of the trade-offs this transition requires. Parallel models are estimated using the Federal Reserve Bank of New York Consumer Credit Panel/Equifax and the Survey of Consumer Finances. After adjustments to account for different variable definitions and sampled populations, it is possible to arrive at similar models of total household debt. However, the estimates are sensitive to the adjustments. Little similarity is observed in parallel models of nonmortgage ...
Working Papers (Old Series) , Paper 1440

Working Paper
Industrial Composition and Intergenerational Mobility

For five decades, the share of adults employed in college-degree-intensive industries, such as health care and education, has been rising. Industries that provided employment for workers without degrees, especially manufacturing, have been reducing their payrolls. This economic transition could impact the probability of children obtaining higher levels of education than their parents achieved. In this analysis, measures of the local industrial composition from the Current Population Survey are merged with the National Longitudinal Surveys of Youth using the confidential geo-coded records. ...
Working Papers (Old Series) , Paper 1533

Journal Article
The Evolution of Household Leverage during the Recovery

Recent research has shown that geographic areas that experienced greater household deleveraging during the recession also experienced relatively severe economic contractions and slower recoveries. This analysis explores geographic variations in household debt over the past recession and recovery. It fi nds that regions that had very high household leverage at the start of the recession have shifted back toward national norms, while the variation of leverage within metro areas has maintained steady relationships with neighborhood characteristics such as location,demographics, and the age of ...
Economic Commentary , Issue Sept

The Demographics of Urban Migrants Since the Pandemic

The postpandemic movement of people out of urban neighborhoods is speeding up changes in the age, credit risk, income, home ownership, and ethnic mix of these neighborhoods. Migration has been consistent with patterns in place before the pandemic, but at higher levels.
Cleveland Fed District Data Brief

How Successful Is Your Region at Retaining Domestic Migrants?

For regions in the Fourth District and across the United States, this District Data Brief analyzes how well each region retains domestic migrants, or those who move in from other parts of the country. It also addresses the extent to which retention rates are associated with population growth.
Cleveland Fed District Data Brief

Urban and Regional Migration Estimates

This District Data Brief updates the figures that appeared in “Urban and Regional Migration Estimates: Will Your City Recover from the Pandemic?” with data for 2024:Q1 for all series. The first series measures net migration of people to and from the urban neighborhoods of major metro areas. The second series covers all neighborhoods but breaks down net migration to other regions by four region types: (1) high-cost metros, (2) affordable, large metros, (3) midsized metros, and (4) small metros and rural areas. The metro area definitions used here are for combined statistical areas, which ...
Cleveland Fed District Data Brief

Urban and Regional Migration Estimates, Second Quarter 2023 Update

This Data Brief updates the figures that appeared in "Urban and Regional Migration Estimates: Will Your City Recover from the Pandemic?" with data for 2023 Q2 for all series. Migration estimates will enable us to track which urban neighborhoods and metro areas are returning to their old migration patterns and where the pandemic has permanently shifted migration trends.
Cleveland Fed District Data Brief

Boomerang Migration: Which Regions Have the Most, and Can It Make a Difference?

This District Data Brief analyzes how well regions in the Fourth District and across the United States draw back native residents who previously moved away. It also examines the extent to which these “boomerang migrants” contribute to the total populations of their respective regions.
Cleveland Fed District Data Brief

Working Paper
Financial Innovations and Issuer Sophistication in Municipal Securities Markets

When local governments default or file for bankruptcy, it is often because public officials misunderstood the risks associated with innovative financial products. If unsophisticated municipal bond issuers were to widely adopt a high risk financial product, this could harm taxpayers and investors, as well as destabilize the financial system. This analysis uses municipal bond issuers? total debt outstanding as a proxy for their sophistication and investigates the relationship between sophistication and adoption of financial innovations. Using comprehensive data on securities issued between 1992 ...
Working Papers (Old Series) , Paper 1404

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