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Author:Mather, Ryan 

Working Paper
Consumption in the Great Recession: The Financial Distress Channel

During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the decline in house prices led to an increase in household financial distress prior to the decline in income during the recession, and (2) at the zip-code level, the prevalence of financial distress prior to the recession was positively correlated with house-price declines at the onset of the recession. Using ...
Working Papers , Paper 2019-25

Working Paper
Consumption in the Great Recession: The Financial Distress Channel

During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the decline in house prices led to an increase in household financial distress prior to the decline in income during the recession, and (2) at the zip-code level, the prevalence of financial distress prior to the recession was positively correlated with house-price declines at the onset of the recession. Using ...
Research Working Paper , Paper RWP 19-6

Working Paper
Consumption in the Great Recession: The Financial Distress Channel

During the Great Recession, the collapse of consumption across the US varied greatly but systematically with house-price declines. Our message is that household financial health matters for understanding this relationship. Two facts are essential for our finding: (1) the decline in house prices led to an increase in household financial distress (FD) prior to the decline in income during the recession, and (2) at the zip-code level, the prevalence of FD prior to the recession was positively correlated with house-price declines at the onset of the recession. We measure the power of the ...
Working Paper , Paper 19-13

Blog
COVID-19 and Financial Distress: Employment Vulnerability

The burden of COVID-19 will likely be borne unevenly, with the largest financial burdens potentially hitting populations already vulnerable to economic shocks.
On the Economy

Blog
COVID-19 and Financial Distress: Vulnerability to Infection and Death

Although COVID-19 initially spread faster in areas with low financial distress, evidence suggests that infections may spread most rapidly in highly financially distressed areas moving forward.
On the Economy

Blog
How Closing Restaurants and Hotels Spills Over to Total Employment

Due to the increasingly interconnected nature of our economy, losses in one sector could quickly spread to other sectors.
On the Economy

Blog
How Will COVID-19 Affect the Spending of Financially Distressed Households?

Consumer spending will drop substantially due to COVID-19, and the declines will hit hardest in households already in financial distress.
On the Economy

Blog
Reopening the U.S.: Gauging the Trend of COVID-19 Transmissions

An analysis suggests that counties accounting for the vast bulk of U.S. GDP aren’t yet seeing a downward trajectory in COVID-19 cases, but growth rates have generally slowed.
On the Economy

Blog
How will COVID-19 Affect Financial Assets, Delinquency and Bankruptcy?

Communities with greater financial distress will face larger income shocks caused by COVID-19 and are less prepared to weather them, while also being more likely to go into further financial distress as the pandemic continues.
On the Economy

Blog
How Spread Out Is the U.S. Population?

Half the nation’s population lives in less than 5% of its counties.
On the Economy

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