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Working Paper
Saving and Wealth Accumulation among Student Loan Borrowers: Implications for Retirement Preparedness
Dettling, Lisa J.; Goodman, Sarena F.; Reber, Sarah (2022-04-01)
Borrowing for education has increased rapidly in the past several decades, such that the majority of non-housing debt on US households' balance sheets is now student loan debt. This chapter analyzes the implications of student loan borrowing for later-life economic well-being, with a focus on retirement preparation. We demonstrate that families holding student loan debt later in life have less savings than their similarly educated peers without such debt. However, these comparisons are misleading if the goal is to characterize the experience of the typical student borrower, as they fail to ...
Finance and Economics Discussion Series , Paper 2022-019

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

Working Paper
A Macroeconomic Model of Central Bank Digital Currency
Paul, Pascal; Ulate, Mauricio; Wu, Jing Cynthia (2024-04-08)
We develop a quantitative New Keynesian DSGE model to study the introduction of a central bank digital currency (CBDC): government-backed digital money available to retail consumers. At the heart of our model are monopolistic banks with market power in deposit and loan markets. When a CBDC is introduced, households benefit from an expansion of liquidity services and higher deposit rates as bank deposit market power is curtailed. However, deposits also flow out of the banking system and bank lending contracts. We assess this welfare trade-off for a wide range of economies that differ in their ...
Working Paper Series , Paper 2024-11

Discussion Paper
Reverse Mortgage Retrospective: How Recent Policy Changes Affected Government-Insured Reverse Mortgage Originations and Performance
Lambie-Hanson, Lauren; Moulton, Stephanie (2020-11-16)
This discussion paper analyzes the outcomes of recent policy reforms to the federally insured reverse mortgage program. Prior to these reforms, more than one out of 10 older adults with a Home Equity Conversion Mortgage (HECM) was reported to be in default on the loan for failure to pay property taxes or homeowner’s insurance payments. We study the effect of two major types of policy reforms: one that restricted the amount of funds available to a borrower, and the other that introduced underwriting requirements through a financial assessment for the first time in the program’s history. ...
Consumer Finance Institute discussion papers , Paper DP 20-06

Report
A New Look at Racial Disparities Using a More Comprehensive Wealth Measure
Thompson, Jeffrey P.; Volz, Alice Henriques (2021-08-16)
Most research measuring disparities in wealth by race relies on data that exclude resources that are disproportionately important to low-wealth and non-white families, namely defined benefit (DB) pensions and Social Security. This paper finds that once these resources are included, disparities in wealth between white families and Black and Hispanic families are substantially smaller and that they are not rising over time. The powerful equalizing roles of DB pensions and Social Security highlighted here are further motivation for maintaining their fiscal health. This paper also presents ...
Current Policy Perspectives

Working Paper
I've Got 99 Problems But a Bill Ain't One: Hospital Billing Caps and Financial Distress in California
Antwi, Yaa Asoka; Aouad, Marion; Blascak, Nathan (2023-09-19)
We examine the financial consequences of the 2007 California Fair Pricing Law (FPL), a law that places a price ceiling on hospital bills for uninsured and financially vulnerable individuals. Using difference-in difference-in-differences models, we exploit cross-sectional variation in exposure to the law to estimate the causal effects of the FPL on different measures of financial distress. We find that the law reduces the medical and non-medical debt burden of individuals targeted by the law, with the likelihood of incurring non-medical debt in collections declining by 14.5 percent and the ...
Working Papers , Paper 23-20

Report
The Financial Consequences of Undiagnosed Memory Disorders
Gresenz, Carole Roan; Mitchell, Jean M; Rodriguez, Belicia; Turner, R. Scott; Van der Klaauw, Wilbert (2024-05-01)
We examine the effect of undiagnosed memory disorders on credit outcomes using nationally representative credit reporting data merged with Medicare data. Years prior to eventual diagnosis, average credit scores begin to weaken and payment delinquency begins to increase, overall and for mortgage and credit card accounts specifically. Credit outcomes consistently deteriorate over the quarters leading up to diagnosis. The harmful financial effects of undiagnosed memory disorders exacerbate the already substantial financial pressure households face upon diagnosis of a memory disorder. Our ...
Staff Reports , Paper 1106

Discussion Paper
The Fed’s Balance Sheet Runoff: The Role of Levered NBFIs and Households
Cipriani, Marco; Clouse, James A.; Logan, Lorie; Martin, Antoine; Riordan, Will (2022-04-12)
In a Liberty Street Economics post that appeared yesterday, we described the mechanics of the Federal Reserve’s balance sheet “runoff” when newly issued Treasury securities are purchased by banks and money market funds (MMFs). The same mechanics would largely hold true when mortgage-backed securities (MBS) are purchased by banks. In this post, we show what happens when newly issued Treasury securities are purchased by levered nonbank financial institutions (NBFIs)—such as hedge funds or nonbank dealers—and by households.
Liberty Street Economics , Paper 20220412

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