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Working Paper
The Illusion of School Choice: Empirical Evidence from Barcelona
Guell, Maia; Calsamiglia, Caterina (2014-05-08)
School choice aims to improve (1) the matching between children and schools and (2) students? educa-tional outcomes. Yet, the concern is that disadvantaged families are less able to exercise choice, which raises (3) equity concerns. The Boston mechanism (BM) is a procedure that is widely used around the world to resolve overdemands for particular schools by defining a set of priority points based on neigh-borhood and socioeconomic characteristics. The mechanism design literature has shown that under the BM, parents may not have incentives to provide their true preferences, thereby ...
Working Papers , Paper 712

Journal Article
Payment Card Adoption and Payment Choice
Greene, Claire; Shy, Oz (2022-07-11)
Using data from the 2021 Diary of Consumer Payment Choice, this article investigates two questions: how do consumers without credit or debit cards make payments, and do consumers without these payment cards differ from other consumers?
Policy Hub , Volume 2022 , Issue 10

Discussion Paper
Measuring Price Inflation and Growth in Economic Well-Being with Income-Dependent Preferences
Lashkari, Danial (2024-01-08)
How can we accurately measure changes in living standards over time in the presence of price inflation? In this post, I discuss a novel and simple methodology that uses the cross-sectional relationship between income and household-level inflation to construct accurate measures of changes in living standards that account for the dependence of consumption preferences on income. Applying this method to data from the U.S. suggests potentially substantial mismeasurements in our available proxies of average growth in consumer welfare in the U.S.
Liberty Street Economics , Paper 20240108

Discussion Paper
An Overlooked Factor in Banks’ Lending to Minorities
Crosignani, Matteo; Le, Hanh (2024-01-10)
In the second quarter of 2022, the homeownership rate for white households was 75 percent, compared to 45 percent for Black households and 48 percent for Hispanic households. One reason for these differences, virtually unchanged in the last few decades, is uneven access to credit. Studies have documented that minorities are more likely to be denied credit, pay higher rates, be charged higher fees, and face longer turnaround times compared to similar non-minority borrowers. In this post, which is based on a related Staff Report, we show that banks vary substantially in their lending to ...
Liberty Street Economics , Paper 20240110

Discussion Paper
Do Veterans Face Disparities in the Labor Market—And What Accounts for Them?
Pinkovskiy, Maxim L.; Garcia, Dan; Chakrabarti, Rajashri (2023-05-25)
We continue our series on military service and consider veterans’ earnings and labor market outcomes. We find that veterans earn more than 12 percent less and are 4 percentage points (18 percent) more likely to be out of the labor force than comparable nonveterans. Interestingly, accounting for veterans’ differences from comparable nonveterans in terms of education and disability status largely explains these labor market differences.
Liberty Street Economics , Paper 20230525b

Discussion Paper
Do Veterans Face Disparities in Higher Education, Health, and Housing?
Pinkovskiy, Maxim L.; Garcia, Dan; Chakrabarti, Rajashri (2023-05-25)
Veterans are an understudied group that forms an important part of the fabric of American society and that constitutes a significant segment of the population. In the first post of this two-part series, we will investigate how the outcomes of veteran men–in educational attainment, health, and housing–differ from those of comparable men who did not serve in the military. Looking only at men, for reasons described below, we find that relative to nonveteran men with a high school degree and a similar distribution of demographic and geographic characteristics, veterans are 7 percentage points ...
Liberty Street Economics , Paper 20230525a

Journal Article
“Family Achievements?”: How a College Degree Accumulates Wealth for Whites and Not For Blacks
Shapiro, Thomas M.; Meschede, Tatjana; Taylor, Joanna; Mann, Alexis (2017)
A college education has been linked to higher life-time earnings and better economic achievements, so the expectation would be that it is also linked to higher net wealth for everybody. However, recent analyses challenge this hypothesis and find that the expectation holds true for White college-educated households but not for Black college-educated households. To examine this finding further and investigate the role of family financial transfers in household net wealth, the authors perform a mixed-method study using data from the Panel Study of Income Dynamics for a 24-year period, 1989-2013, ...
Review , Volume 99 , Issue 1 , Pages 121-137

Working Paper
Racial Wealth Gains and Gaps: Nine Facts About the Disparities
Broady, Kristen; Barr, Anthony; Booth-Bell, Darlene; Cain, Lucas (2024-02-08)
Every three years, the Federal Reserve System conducts the Survey of Consumer Finances (SCF)—one of the most detailed examinations of household wealth in the U.S. The two most recent surveys were conducted in 2019 and 2022, thus providing a valuable resource to researchers exploring wealth changes during the Covid-19 pandemic and recovery. This working paper draws from the SCF and other important sources to present data on the racial wealth gap and socioeconomic factors that impact the racial disparity in net worth between households by race and ethnicity. We demonstrate that the racial ...
Working Paper Series , Paper WP 2024-03

Working Paper
Wealth Distribution and Retirement Preparation among Early Savers
Thompson, Jeffrey P.; Moore, Kevin B.; Jacobs, Lindsay; Llanes, Elizabeth; Volz, Alice Henriques (2020-02-01)
This paper develops a new combined-wealth measure by augmenting data on net worth from the Survey of Consumer Finances with estimates of defined benefit (DB) pension and expected Social Security wealth. We use this concept to explore retirement preparation among two groups of households in pre-retirement years (aged 40 through 49 and 50 through 59), and to explore the concentration of wealth. We find evidence of moderate, but rising, shortfalls in retirement preparation. We also show that including DB pension and Social Security wealth results in markedly lower measures of wealth ...
Working Papers , Paper 20-4

Working Paper
The Well-Being of Nations: Estimating Welfare from International Migration
Lin, Jeffrey; Lee, Seung Jung; Lee, Sanghoon (2020-01-14)
The limitations of GDP as a measure of welfare are well known. We propose a new method of estimating the well-being of nations. Using gross bilateral international migration flows and a discrete choice model in which everyone in the world chooses a country in which to live, we estimate each country?s overall quality of life. Our estimates, by relying on revealed preference, complement previous estimates of economic well-being that consider only income or a small number of factors, or rely on structural assumptions about how these factors contribute to wellbeing.
Working Papers , Paper 19-33

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