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Working Paper
Disentangling rent index differences: data, methods, and scope
Adams, Brian; Loewenstein, Lara; Montag, Hugh; Verbrugge, Randal (2022-12-19)
Working Papers , Paper 22-38

Working Paper
The impact of student loan debt on small business formation
Ma, Shuwei; Cordell, Lawrence R.; Ambrose, Brent W. (2015-07-01)
Small businesses are the backbone of the U.S. economy and account for approximately one-half of the private-sector economy and 99% of all businesses. To start a small business, individuals need access to capital. Given the importance of an entrepreneur?s personal debt capacity in financing a startup business, student loan debt, which is difficult to discharge via bankruptcy, can have lasting effects and may have an impact on the ability of future small business owners to raise capital. This study examines the impact of the growth in student debt on net small business formation. We find a ...
Working Papers , Paper 15-26

Working Paper
Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks
Divakaruni, Anantha; Zimmerman, Peter (2021-07-16)
In April 2020, the US government sent economic impact payments (EIPs) directly to households, as part of its measures to address the COVID-19 pandemic. We characterize these stimulus checks as a wealth shock for households and examine their effect on retail trading in Bitcoin. We find a significant increase in Bitcoin buy trades for the modal EIP amount of $1,200. The rise in Bitcoin trading is highest among individuals without families and at exchanges catering to nonprofessional investors. We estimate that the EIP program has a significant but modest effect on the US dollar–Bitcoin ...
Working Papers , Paper 21-13

Working Paper
Local Ties in Spatial Equilibrium
Zabek, Mike (2019-11-18)
If someone lives in an economically depressed place, they were probably born there. The presence of people with local ties - a preference to live in their birthplace - leads to smaller migration responses. Smaller migration responses to wage declines lead to lower real incomes and make real incomes more sensitive to subsequent demand shocks, a form of hysteresis. Local ties can persist for generations. Place-based policies, like tax subsidies, targeting depressed places cause smaller distortions since few people want to move to depressed places. Place-based policies targeting productive ...
Finance and Economics Discussion Series , Paper 2019-080

Working Paper
Effects of Gentrification on Homeowners: Evidence from a Natural Experiment
Ding, Lei; Hwang, Jackelyn (2020-04-16)
A major overhaul of the property tax system in 2013 in the city of Philadelphia has generated significant variations in the amount of property taxes across properties. This exogenous policy shock provides a unique opportunity to identify the causal effects of gentrification, which is often accompanied by increased property values, on homeowners’ tax payment behavior and residential mobility. The analysis, based on a difference-in-differences framework, suggests that gentrification leads to a higher risk of delinquency on homeowners’ tax bills on average, but there was no sign of a ...
Working Papers , Paper 20-16

Briefing
Asymmetric responses to tax-induced changes in personal income: the 2013 payroll tax hike versus anticipated 2012 tax refunds
Cooper, Daniel H.; Bracha, Anat (2013)
As part of the Boston Earned Income Tax Credit Coalition's free tax preparation service offered at the Boston Roxbury Resource Center between January and April 2013, 945 low-to-moderate income individuals were asked about payroll tax changes, financial planning, and their personal characteristics. Using these survey responses, the authors calculated how these individuals planned to respond to the payroll tax hike and their tax refund. The results show that their marginal propensity to consume (MPC) out of the tax refund is 30 percentage points lower than their spending reaction to the tax ...
Public Policy Brief

Working Paper
The Lost Ones: The Opportunities and Outcomes of Non-College-Educated Americans Born in the 1960s
Yang, Fang; De Nardi, Mariacristina; Borella, Margherita (2019-03-18)
White, non-college-educated Americans born in the 1960s face shorter life expectancies, higher medical expenses, and lower wages per unit of human capital compared with those born in the 1940s, and men's wages declined more than women's. After documenting these changes, we use a life-cycle model of couples and singles to evaluate their effects. The drop in wages depressed the labor supply of men and increased that of women, especially in married couples. Their shorter life expectancy reduced their retirement savings but the increase in out-of-pocket medical expenses increased them by more. ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 19

Working Paper
Occupational Choice, Retirement, and the Effects of Disability Insurance
Jacobs, Lindsay (2016-06)
There is much variation in the physical requirements across occupations, giving rise to great differences in later-life productivity, disability risk, and the value of Social Security Disability Insurance (SSDI). In this paper, I look at how such differences across occupations affect initial career choice as well as the extent to which SSDI, which insures shocks to productivity due to disability, prompts more people to choose physically intense occupations. Using data from the Health and Retirement Study (HRS) and the Current Population Survey (CPS), I estimate a dynamic model of occupational ...
Finance and Economics Discussion Series , Paper 2016-051

Working Paper
Spousal Labor Supply Response to Job Displacement and Implications for Optimal Transfers
Birinci, Serdar (2019-09)
I document a small spousal earnings response to the job displacement of the family head. The response is even smaller in recessions, when additional insurance is most valuable. I investigate whether the small response is an outcome of the crowding-out effects of existing government transfers, using a model where labor supply elasticities with respect to transfers are in line with microeconomic estimates both in aggregate and across subpopulations. Counterfactual experiments reveal that generous transfers in recessions discourage the spousal labor supply significantly. I then show that the ...
Working Papers , Paper 2019-020

Working Paper
Household Mortgage Refinancing Decisions Are Neighbor Influenced
McCartney, W. Ben; Shah, Avni (2021-04-30)
Can social influence effects help explain regional heterogeneity in refinancing activity? Neighborhood social influence effects have been shown to affect publicly observable decisions, but their role in private decisions, like refinancing, remains unclear. Using precisely geolocated data and a nearest-neighbor research design, we find that households are 7% more likely to refinance if a neighbor within 50 meters has recently refinanced. Consistent with a word-of-mouth mechanism, social influence effects are weaker when neighbors are farther away and non existent for non-occupants. Our results ...
Working Papers , Paper 21-16

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