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Author:Hsu, Joanne W. 

Working Paper
Returning to the Nest: Debt and Parental Co-residence Among Young Adults

This paper examines the relationship between a young adults' debt burden and the decision to co-reside with a parent. Using a quarterly panel of young adults' credit histories, and controlling for age, county, and quarter fixed effects, and local demographic characteristics, unemployment rates, and house prices, we estimate the relationship between current period debt and subsequent decisions to co-reside with a parent. Our results indicate that indebtedness--as measured by average loan balances, declining credit scores and delinquency on accounts--increases flows into parental co-residence. ...
Finance and Economics Discussion Series , Paper 2014-80

Working Paper
Analysis of wealth using micro and macro data: a comparison of the Survey of Consumer Finances and Flow of Funds Accounts

Researchers use different types of household balance sheet data to study different aspects of lifecycle saving and wealth accumulation behavior. Macro data from the Flow of Funds Accounts (FFA) are produced at a quarterly frequency and are available in a timely manner, but they can only be used to study the behavior of the household sector as a whole. Micro data from the Survey of Consumer Finances (SCF) are available every three years and only with a lag, but they can be used to address questions that involve differences in behavior over time and across various types of households. Despite ...
Finance and Economics Discussion Series , Paper 2013-46

Working Paper
Heaping at Round Numbers on Financial Questions : The Role of Satisficing

Survey responses to quantitative financial questions frequently display strong patterns of heaping at round numbers. This paper uses two studies to examine variation in rounding across questions and by individual characteristics. Rounding was more common for respondents low in ability, for respondents low in motivation, and for more difficult questions, all consistent with theories of satisficing. Questions that require more difficult information retrieval and integration of information exhibit more heaping. The use of records, which lowers task difficulty, reduces rounding as well. Higher ...
Finance and Economics Discussion Series , Paper 2017-006

Journal Article
The State of Young Adults’ Balance Sheets: Evidence from the Survey of Consumer Finances

The authors investigate recent trends in the financial circumstances of young adults using data from the triennial Survey of Consumer Finances (SCF) from 2001 to 2013. They examine trends in young adults? net worth, break down the composition into specific assets and liabilities, and describe young adults? experiences with credit markets. The analysis focuses on three main comparisons: (i) trends over time (ii) between young adults and older adults and (iii) between young adults in 2013 (members of the ?Millennial Generation?) and young adults in 1989 (members of ?Generation X?). They find ...
Review , Volume 96 , Issue 4 , Pages 305-330

Discussion Paper
Recent Trends in Wealth-Holding by Race and Ethnicity : Evidence from the Survey of Consumer Finances

Data from the newly released 2016 Survey of Consumer Finances show wealth has grown for families across race and ethnicity groups since 2013, but substantial disparities between groups persist.
FEDS Notes , Paper 2017-09-27

Report
Changes in U.S. Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances

The Federal Reserve Board’s triennial Survey of Consumer Finances (SCF) collects information about family incomes, net worth, balance sheet components, credit use, and other financial outcomes.1 The 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted, in 2010.
Reports and Studies

Working Paper
Financial Profiles of Workers Most Vulnerable to Coronavirus-Related Earnings Loss in the Spring of 2020

In spring 2020, the COVID-19 pandemic and related shutdowns had huge effects on unemployment. Using data from the Survey of Consumer Finances, we describe the financial profiles of US families whose workers were most vulnerable to coronavirus-related earnings losses in the spring of 2020, based on whether a particular worker was deemed "essential" and whether a worker's job could be conducted remotely. We use descriptive analytic techniques to examine how families' baseline financial situations would allow them to weather COVID-shutdown-related earnings losses. We find that families with ...
Finance and Economics Discussion Series , Paper 2020-093

Discussion Paper
Dementia Harms Household Finances Years before Clinical Recognition

Alzheimer's Disease and Related Dementias (ADRD) are medical conditions characterized by deteriorating cognitive functions that are estimated to impact nearly 12 million older Americans by 2050. ADRD impedes independence in daily activities through symptoms including difficulties with memory and attention span, impaired judgement, and changing risk preferences. There are currently no effective medical treatments to delay or reverse symptoms of ADRD.
FEDS Notes , Paper 2020-12-03-2

Discussion Paper
Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances

New data from the 2019 Survey of Consumer Finances (SCF) show that long-standing and substantial wealth disparities between families in different racial and ethnic groups were little changed since the last survey in 2016; the typical White family has eight times the wealth of the typical Black family and five times the wealth of the typical Hispanic family.
FEDS Notes , Paper 2020-09-28-2

Journal Article
Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances

The Federal Reserve Board’s Survey of Consumer Finances for 2019 provides insights into the evolution of family income and net worth since the previous time the survey was conducted in 2016. The survey shows that over the 2016–19 period, the median value of real (inflation-adjusted) family income before taxes rose 5 percent, and mean income decreased 3 percent. Real median net worth increased 18 percent, and mean net worth rose 2 percent. This survey marks the first in the aftermath of the Great Recession in which between-survey changes in the median outpaced changes in the mean for ...
Federal Reserve Bulletin , Volume 106 , Issue 5 , Pages 42

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