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Discussion Paper
A Note On Revolving Credit Estimates
Revolving credit represents a notable share of consumer debt and is an important part of house- hold balance sheets. At the end of 2023, revolving credit was measured at over $1.3 trillion in the Z.1 Statistical Release, "Financial Accounts of the United States," and accounted for more than 25 per- cent of total consumer credit.
Working Paper
The Multiplier Effect of Education Expenditure
This paper examines the short-run effects of federal education expenditures on local income. We exploit city-level variation in exposure to national changes in the $30-billion Federal Pell Grant Program, which is the largest program to help low-income students attend college in the U.S., to calculate fiscal multipliers of education expenditures. An increase in Pell grants by 1 percent of a city's income raises local income by 2.4 percent over the next two years. This multiplier effect is larger than estimates for military spending (1.5 on average). Multipliers are higher when grants are ...
Discussion Paper
A Note on the Expected Expiration of Federal Student Loan Forbearance
On April 6, 2022, the Department of Education (DoEd) announced a new extension on the forbearance provision for federal student loans, which is now set to expire on August 31, 2022, almost 30 months after being set for the first time. These measures—originally intended for a period of 60 days—applied exclusively to federal student loans owned by the Department of Education, a little more than 80 percent of the current $1.75 trillion outstanding student loan debt.