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Working Paper
Money, liquidity and welfare
Wen, Yi (2014-02-07)
This paper develops an analytically tractable Bewley model of money demand to shed light on some important questions in monetary theory, such as the welfare cost of inflation. It is shown that when money is a vital form of liquidity to meet uncertain consumption needs, the welfare costs of inflation can be extremely large. With log utility and parameter values that best match both the aggregate money demand curve suggested by Lucas (2000) and the variance of household consumption, agents in our model are willing to reduce consumption by 3% ~ 4% to avoid 10% annual inflation. The astonishingly ...
Working Papers , Paper 2014-3

Working Paper
Whose Child Is This? Shifting of Dependents Among EITC Claimants Within the Same Household
Splinter, David; Mortenson, Jacob; Larrimore, Jeff (2017-08-22)
Using a panel of household level tax data, we estimate the degree to which dependents are "reassigned" between tax units within households, and how these reassignments affect combined tax liabilities. Reassigning dependents reduces combined tax liabilities on average, suggesting some household level coordination. Additionally, when EITC benefits expanded in 2009, reassignments increasingly involved adding a third child to tax returns to claim these new benefits. However, the subgroup reassigning towards three child tax units actually increased total household tax liabilities, suggesting ...
Finance and Economics Discussion Series , Paper 2017-089

Working Paper
Heterogeneity in Economic Shocks and Household Spending
Sabelhaus, John Edward; Devlin-Foltz, Sebastian (2015-06-26)
Large swings in aggregate household-sector spending, especially for big ticket items such as cars and housing, have been a dominant feature of the macroeconomic landscape in the past two decades. Income and wealth inequality increased over the same period, leading some to suggest the two phenomena are interconnected. Indeed, there is supporting evidence for the idea that heterogeneity in economic shocks and spending are connected, most notably in studies using local-area geography as the unit of analysis. The Survey of Consumer Finances (SCF) provides a household-level perspective on changes ...
Finance and Economics Discussion Series , Paper 2015-49

Working Paper
Manning Up and Womaning Down: How Husbands and Wives Report Earnings When She Earns More
Heggeness, Misty; Murray-Close, Marta (2019-12-10)
To infer social preferences regarding the relative earnings of spouses, we use measurement error in the earnings reported for married couples in the Current Population Survey. We compare the earnings reported for husbands and wives in the survey with their “true” earnings as reported by their employers to tax authorities. Compared with couples where the wife earns just less than the husband, those where she earns just more are 15.9 percentage points more likely to under-report her relative earnings. This pattern reflects the reporting behavior of both husbands and wives and is consistent ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 28

Working Paper
Why Is Mommy So Stressed? Estimating the Immediate Impact of the COVID-19 Shock on Parental Attachment to the Labor Market and the Double Bind of Mothers
Heggeness, Misty (2020-06-19)
I examine the impact of the COVID-19 shock on parents’ labor supply during the initial stages of the pandemic. Using difference-in-difference approaches and monthly panel data from the Current Population Survey (CPS), I compare labor market attachment, non-work activity, hours worked, and earnings and wages of those in areas with early school closures and stay-in-place orders with those in areas with delayed or no pandemic closures. While there was no immediate impact on detachment or unemployment, mothers with jobs in early closure states were 53.2 percent more likely than mothers in late ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 33

Working Paper
The Opioid Epidemic and Consumer Credit Supply: Evidence from Credit Cards
Agarwal, Sumit; Li, Wenli; Roman, Raluca; Sorokina, Nonna (2023-11-28)
Using a unique data set of unsolicited credit card offer mailings by banks to consumers, we investigate how opioid abuse affects consumer credit supply in the U.S. To identify causal effects, we employ instrumental variables, propensity score matching, and contiguous counties techniques and control for varying local economic conditions and demographics. We find that banks contract credit supply to consumers in counties highly exposed to opioid abuse by offering higher interest rates, lower credit card limits, and fewer rewards and reducing credit offers overall. Further analyses using the ...
Working Papers , Paper 23-28

Working Paper
Social Capital and Mortgages
An, Xudong; El Ghoul, Sadok; Guedhami, Omrane; Levine, Ross; Roman, Raluca (2023-10-12)
Using comprehensive mortgage-level data, we discover that the social capital of the community in which households live positively influences the likelihood of the approval of their mortgage applications, the terms of approved mortgages, and the subsequent performance of those mortgages. The results hold when conditioning on extensive household and community characteristics and a battery of fixed effects, including individual effects, data permitting, and when employing instrumental variables and propensity score matching to address identification and selection concerns. Concerning causal ...
Working Papers , Paper 23-23

Working Paper
What Explains the Growing Gender Education Gap? The Effects of Parental Background, the Labor Market and the Marriage Market on College Attainment
Eckstein, Zvi; Keane, Michael P.; Lifshitz, Osnat (2023-12-19)
In the 1960 cohort, American men and women graduated from college at the same rate, and this was true for Whites, Blacks and Hispanics. But in more recent cohorts, women graduate at much higher rates than men. To understand the emerging gender education gap, we formulate and estimate a model of individual and family decision-making where education, labor supply, marriage and fertility are all endogenous. Assuming preferences that are common across ethnic groups and fixed over cohorts, our model explains differences in all endogenous variables by gender/ethnicity for the ‘60-‘80 cohorts ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 082

Working Paper
Parents in a Pandemic Labor Market
Seitelman, Lily; Lofton, Olivia; Petrosky-Nadeau, Nicolas (2021-02-04)
Gender gaps in labor market outcomes during the pandemic are largely due to differences across parents: Employment and labor force participation fell much less for fathers as compared to women and non-parent men at the onset of the pandemic; the recovery has been more pronounced for men and women without children, and; the labor force participation rate of mothers has resumed declining following the start of the school year. The latter is partially offset in states with limited school re-openings. Evidence suggests flexibility in setting work schedules offsets some of the adverse impact of ...
Working Paper Series , Paper 2021-04

Discussion Paper
The Survey of Consumer Expectations: A Look Back at the Past Decade
Armantier, Olivier; Koşar, Gizem; Topa, Giorgio; Van der Klaauw, Wilbert (2024-04-16)
It has been a little over ten years since we started releasing findings from the Federal Reserve Bank of New York’s Survey of Consumer Expectations (SCE). In this post, we review some of the headline findings from the first decade of the survey’s history, highlighting the evolution of consumers’ expectations about inflation and labor market outcomes.
Liberty Street Economics , Paper 20240416

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