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Discussion Paper
A Boost in Your Paycheck: How Are U.S. Workers Using the Payroll Tax Cut?
Graziani, Grant; Van der Klaauw, Wilbert; Zafar, Basit (2012-05-09)
Over the past several months, there was a flurry of debate in Washington over the extension of the payroll tax cut. Many supporters of the tax cut?worth about $1,000 to a family earning the median income of slightly more than $50,000 a year?have cited its importance to the nation?s economic recovery, while opponents claim that it will only add to the national deficit without boosting the economy. Exactly how such a tax cut affects the aggregate economy relies heavily on how U.S. workers use the extra funds in their paychecks. Unfortunately, we know little about how such tax cuts are used by ...
Liberty Street Economics , Paper 20120509

Discussion Paper
Just Released: A Closer Look at Recent Tightening in Consumer Credit
Armantier, Olivier; Scally, Joelle; Smith, Kyle; Van der Klaauw, Wilbert (2018-12-03)
The Federal Reserve Bank of New York released results today from its October 2018 SCE Credit Access Survey, which provides information on consumers' experiences with and expectations about credit demand and credit access. The survey is fielded every four months and was previously fielded in June.
Liberty Street Economics , Paper 20181203

Discussion Paper
Introducing the SCE Public Policy Survey
Koşar, Gizem; Van der Klaauw, Wilbert; Smith, Kyle (2019-10-17)
Households cope with considerable uncertainty in forming plans and making decisions. This includes uncertainty about their personal situations as well as about their external environment. An important source of uncertainty arises from (often abrupt) changes in government policy, including changes in tax rates and in the benefit level of social programs. Tracking individuals’ subjective beliefs about future policy changes is important for understanding their behavior as consumers and workers. For example, knowing the extent to which tax changes and other shifts in public policy are ...
Liberty Street Economics , Paper 20191017

Discussion Paper
Who is More Likely to Default on Student Loans?
Chakrabarti, Rajashri; Jiang, Michelle; Gorton, Nicole; Van der Klaauw, Wilbert (2017-11-20)
This post seeks to understand how educational characteristics (school type and selectivity, graduation status, major) and family background relate to the incidence of student loan default. Student indebtedness has grown substantially, increasing by 170 percent between 2006 and 2016. In addition, the fraction of students who default on those loans has grown considerably. Of students who left college in 2010 and 2011, 28 percent defaulted on their student loans within five years, compared with 19 percent of those who left school in 2005 and 2006. Since defaulting on student loans can have ...
Liberty Street Economics , Paper 20171120

Discussion Paper
Credit Card Balance Declines Are Largest Among Older, Wealthier Borrowers
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert (2021-05-12)
Total household debt rose by $85 billion in the first quarter of 2021, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Since the start of the pandemic, household debt balances have increased in every quarter but one—the second quarter of 2020, when lockdowns were in full effect. The Quarterly Report and this analysis are based on the New York Fed's Consumer Credit Panel, which is drawn from anonymized Equifax credit data.
Liberty Street Economics , Paper 20210512

Report
Is economics coursework, or majoring in economics, associated with different civic behaviors?
Bosshardt, William; Watts, Michael; Allgood, Sam; Van der Klaauw, Wilbert (2010)
Studies regularly link levels of educational attainment to civic behavior and attitudes, but only a few investigate the role played by specific coursework. Using data collected from students who attended one of four public universities in our study, we investigate the relationship between economics coursework and civic behavior after graduation. Drawing from large samples of students in economics, business, or general majors, we compare responses across the three groups and by the number of undergraduate economics courses completed. We find that undergraduate coursework in economics is ...
Staff Reports , Paper 450

Discussion Paper
Just Released: Auto Loans in High Gear
Van der Klaauw, Wilbert; Lee, Donghoon; Scally, Joelle; Haughwout, Andrew F. (2019-02-12)
Total household debt increased modestly, by $32 billion, in the fourth quarter of 2018, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Although household debt balances have been rising since mid-2013, their sluggish growth in the fourth quarter was mainly due to a flattening in the growth of mortgage balances. Auto loans, which have been climbing at a steady clip since 2011, increased by $9 billion, boosted by historically strong levels of newly originated loans. In fact, 2018 marked the highest level in the ...
Liberty Street Economics , Paper 20190212

Discussion Paper
An Update on How Households Are Using Stimulus Checks
Armantier, Olivier; Koşar, Gizem; Goldman, Leo; Van der Klaauw, Wilbert (2021-04-07)
In October, we reported evidence on how households used their first economic impact payments, which they started to receive in mid-April 2020 as part of the CARES Act, and how they expected to use a second stimulus payment. In this post, we exploit new survey data to examine how households used the second round of stimulus checks, issued starting at the end of December 2020 as part of the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act, and we investigate how they plan to use the third round authorized in March under the American Rescue Plan Act. We find remarkable ...
Liberty Street Economics , Paper 20210407

Discussion Paper
Just Released: Great Recession’s Impact Lingers in Hardest-Hit Regions
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2018-02-13)
The New York Fed’s Center for Microeconomic Data today released our Quarterly Report on Household Debt and Credit for the fourth quarter of 2017. Along with this report, we have posted an update of state-level data on balances and delinquencies for 2017. Overall aggregate debt balances increased again, with growth in all types of balances except for home equity lines of credit. In our post on the first quarter of 2017 we reported that overall balances had surpassed their peak set in the third quarter of 2008—the result of a slow but steady climb from several years of sharp deleveraging ...
Liberty Street Economics , Paper 20180213

Discussion Paper
Have Consumers Been Deleveraging?
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Haughwout, Andrew F. (2011-03-21)
Since its peak in summer 2008, U.S. consumers’ indebtedness has fallen by more than a trillion dollars. Over roughly the same period, charge-offs—the removal of obligations from consumers’ credit reports because of defaults—have risen sharply, especially on loans secured by houses, which make up about 80 percent of consumer liabilities. An important question for gauging the behavior of U.S. consumers is how to interpret these two trends. Is the reduction in debts entirely attributable to defaults, or are consumers actively reducing their debts? In this post, we demonstrate that a ...
Liberty Street Economics , Paper 20110321

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