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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

Journal Article
Geographic Disparity in the U.S. Population

About half the U.S. population resides on less than 200,000 square miles; the rest is spread over more than 3 million square miles.
Economic Synopses , Issue 27

Journal Article
Measuring Levels of Debt in the Eighth District’s Key Metro Areas

Debt growth and delinquency rate data do not seem to indicate that a severe debt problem may be brewing in these cities.
The Regional Economist , Volume 26 , Issue 4

Journal Article
The Unequal Recovery: Measuring Financial Distress by ZIP Code

Since 2015, households in the poorest ZIP codes appear to have become more financially vulnerable.
The Regional Economist , Volume 27 , Issue 1

Journal Article
Debt Levels Continue to Grow in Eighth District’s Key Metro Areas

Consumers keep borrowing, but delinquency rate data do not appear to signal a severe debt problem on the horizon.
The Regional Economist , Volume 27 , Issue 1

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

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