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Working Paper
A Tale of Two Bailouts: Effects of TARP and PPP on Subprime Consumer Debt
Berger, Allen N.; Roman, Raluca; Epouhe, Onesime (2021-09-23)
High levels of subprime consumer debt can create social problems. We test the effects of the Troubled Asset Relief Program (TARP) and Paycheck Protection Program (PPP) bailouts during the Global Financial Crisis and COVID-19 crisis, respectively, on this debt. We use over 11 million credit bureau observations of individual consumer debt combined with banking, bailout, and local market data. We find that subprime consumers with more TARP institutions in their markets had significantly increased debt burdens following these bailouts. In contrast, PPP bailouts were associated with reduced ...
Working Papers , Paper 21-32

Working Paper
Income in the Off-Season: Household Adaptation to Yearly Work Interruptions
Price, Brendan M.; Coglianese, John M. (2020-10-07)
Joblessness is highly seasonal. To analyze how households adapt to seasonal joblessness, we introduce a measure of seasonal work interruptions premised on the idea that a seasonal worker will tend to exit employment around the same time each year. We show that an excess share of prime-age US workers experience recurrent separations spaced exactly 12 months apart. These separations coincide with aggregate seasonal downturns and are concentrated in seasonally volatile industries. Examining workers most prone to seasonal work interruptions, we find that these workers incur large earnings losses ...
Finance and Economics Discussion Series , Paper 2020-084

Working Paper
Peer Effects and Marriage Formation
Wozniak, Abigail; Baker, Michael T.; Carter, Susan P. (2024-12-02)
A large literature links marriage to later life outcomes for children and adults. Marriage has declined markedly in the U.S. over the last 50 years, particularly among individuals with less than a baccalaureate degree, yet the causes of the decline are not well understood. In this paper we provide causal evidence on one potential mechanism for the observed marriage rate patterns: peer effects. We use administrative personnel data from the U.S. Army to study how peers influence marriage decisions for junior enlisted soldiers arriving to their first assignment from 2001-2018, a setting which ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 107

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
Household formation over time: evidence from two cohorts of young adults
Cooper, Daniel H.; Luengo-Prado, Maria Jose (2016-11-15)
This paper analyzes household formation in the United States using data from two cohorts of the national Longitudinal Survey of Youth (NLSY)?the 1979 cohort and the 1997 cohort. The analysis focuses on how various demographic and economic factors impact household formation both within cohorts and over time across cohorts. The results show that there are substantial differences over time in the share of young adults living with their parents. Differences in housing costs and business-cycle conditions can explain up to 70 percent of the difference in household-formation rates across cohorts. ...
Working Papers , Paper 16-17

Discussion Paper
Contactless Payment Cards: Trends and Barriers to Consumer Adoption in the U.S.
Akana, Tom; Ke, Wei (2020-05-01)
Since 2017, the payment cards industry has undertaken a concerted effort to bring contactless “tap-and-pay” credit and debit card products to consumers. Payment networks, card issuers, and banks have worked to ensure that contactless cards, which communicate payment information wirelessly to point-of-sale terminals through Near Field Communication technology, are at the forefront of consumers’ minds when they make a purchase. Missing from the discussion of contactless payments, however, is an understanding of consumer interest in the technology; indeed, the current activities are a ...
Consumer Finance Institute discussion papers , Paper DP 20-03

Working Paper
Parental Employment at the Onset of the Pandemic: Effects of Lockdowns and Government Policies
Dasgupta, Kabir; Kirkpatrick, Linda; Plum, Alexander (2024-03-22)
The COVID-19 pandemic had disproportionate impacts on women's employment, especially for mothers with school-age and younger children.However, the impacts likely varied depending on the type of policy response adopted by various governments. New Zealand presents a unique policy setting in which one of the strictest lockdown restrictions was combined with a generous wage subsidy scheme to secure employment. We utilize tax records to compare employment patterns of parents from the pandemic period (treatment group) to similar parents from a recent pre-pandemic period (control group). For mothers ...
Finance and Economics Discussion Series , Paper 2024-012

Working Paper
Why Does Consumption Fluctuate in Old Age and How Should the Government Insure it?
De Nardi, Mariacristina; Borella, Margherita (2020-10-23)
In old age, consumption can fluctuate because of shocks to available resources and because health shocks affect utility from consumption. We find that even temporary drops in income and health are associated with drops in consumption and most of the effect of temporary drops in health on consumption stems from the reduction in the marginal utility from consumption that they generate. More precisely, after a health shock, richer households adjust their consumption of luxury goods because their utility of consuming them changes. Poorer households, instead, adjust both their necessary and luxury ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 40

Report
Consumer Credit Reporting Data
Gibbs, Christa N.; Guttman-Kenney, Benedict; Lee, Donghoon; Nelson, Scott; Van der Klaauw, Wilbert; Wang, Jialan (2024-08-01)
Since the 2000s, economists across fields have increasingly used consumer credit reporting data for research. We introduce readers to the economics of and the institutional details of these data. Using examples from the literature, we provide practical guidance on how to use these data to construct economic measures of borrowing, consumption, credit access, financial distress, and geographic mobility. We explain what credit scores measure, and why. We highlight how researchers can access credit reporting data via existing datasets or by creating new datasets, including by linking credit ...
Staff Reports , Paper 1114

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