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Working Paper
Skills, Migration, and Urban Amenities Over the Life Cycle
Albouy, David; Faberman, R. Jason (2025-02)
We examine sorting behavior across metropolitan areas by skill over individuals’ life cycles. We show that high-skill workers disproportionately sort into high-amenity areas, but do so relatively early in life. Workers of all skill levels tend to move towards lower-amenity areas during their thirties and forties. Consequently, individuals’ time use and expenditures on activities related to local amenities are U-shaped over the life cycle. This contrasts with well-documented life-cycle consumption profiles, which have an opposite inverted-U shape. We present evidence that the move towards ...
Working Paper Series , Paper WP 2025-01

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

Report
Geographical reallocation and unemployment during the Great Recession: the role of the housing bust
Rhee, Serena; Karahan, Fatih (2013)
This paper quantitatively evaluates the hypothesis that the housing bust in 2007 decreased geographical reallocation and increased the dispersion and level of unemployment during the Great Recession. We construct an equilibrium model of multiple locations with frictional housing and labor markets. When house prices fall, the amount of home equity declines, making it harder for homeowners to afford the down payment on a new house after moving. Consequently, the decline in house prices reduces migration and causes unemployment to rise differently in different locations. The model accounts for ...
Staff Reports , Paper 605

Working Paper
The Impact of Market Factors on Racial Identity: Evidence from Multiracial Survey Respondents
Jackson, Osborne (2024-10-01)
This paper examines the reported race of multiracial persons in the US Current Population Survey (CPS) before 2003, when limited response options exogenously constrained respondents to identify as a single race. Using this survey attribute and the 16-month longitudinal design of the basic monthly CPS, I explore whether market factors help causally determine racial identity. I find that pre-2003 race responds to state-level (1) racial composition, due largely to household composition, and (2) unemployment rates and wages by race. Although these findings suggest potential endogeneity of race, ...
Working Papers , Paper 24-13

Working Paper
Understanding the Long-Run Decline in Interstate Migration: Online Appendix
Schulhofer-Wohl, Sam; Kaplan, Greg (2015-06-01)
This appendix contains eight sections. Section 1 gives technical details of how we calculate standard errors in the CPS data. Section 2 discusses changes in the ACS procedures before 2005. Section 3 examines demographic and economic patterns in migration over the past two decades, in more detail than in the main paper. Section 4 examines the cross-sectional variance of location-occupation interactions in earnings when we define locations by MSAs instead of states. Section 5 describes alternative methods to estimate the variance of location-occupation interactions in income. Section 6 measures ...
Working Papers , Paper 725

Working Paper
The geography of wealth: shocks, mobility, and precautionary savings
Greaney, Brian; Dvorkin, Maximiliano (2024-09-30)
The spatial distribution of wealth in the United States is very heterogeneous, with important differences within and across US states. We study the distribution of wealth in a country and how it is shaped by the characteristics earnings across regions, and by the frictions individuals face to move and reallocate across space. For this, we develop a tractable model of consumption, savings, and location choice with many regions, incomplete markets, and heterogeneous agents facing persistent and transitory income shocks. Our analysis focuses on the role of income shocks, precautionary savings, ...
Working Papers , Paper 2024-033

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

Working Paper
Cost of Banking for LMI and Minority Communities
Migueis, Marco; Suher, Michael; Xu, Jessie (2025-05-09)
We test whether minimum account balances to avoid fees, maintenance fee amounts, and nonsufficient funds charges are systematically different in LMI and majority-minority communities relative to other communities and find that they are generally higher. The minimum account balance to avoid fees on a noninterest checking account is about $45 higher on average in LMI Census tracts than in higher income tracts, and more than $70 higher on average in majority-minority tracts than in majority-white tracts. We investigate potential sources of these differences such as bank business models, ...
Finance and Economics Discussion Series , Paper 2022-040r1

Working Paper
Internal Migration in the United States: A Comprehensive Comparative Assessment of the Consumer Credit Panel
Whitaker, Stephan; Johnson, Janna; DeWaard, Jack (2019-06-21)
We introduce and provide the first comprehensive comparative assessment of the Federal Reserve Bank of New York/Equifax Consumer Credit Panel (CCP) as a valuable and underutilized data set for studying internal migration within the United States. Relative to other data sources on US internal migration, the CCP permits highly detailed cross-sectional and longitudinal analyses of migration, both temporally and geographically. We compare cross-sectional and longitudinal estimates of migration from the CCP to similar estimates derived from the American Community Survey, the Current Population ...
Working Papers , Paper 18-04R

Report
Pay with Promises or Pay as You Go? Lessons from the Death Spiral of Detroit
Ohanian, Lee E.; Holmes, Thomas J. (2014-07-14)
As part of compensation, municipal employees typically receive promises of future benefits. Motivated by the recent bankruptcy of Detroit, we develop a model of the equilibrium size of a city and use it to analyze how pay-with-promises schemes interact with city growth. The paper examines the circumstances under which a death spiral arises, where cutbacks of city services and increases in taxes lead to an exodus of residents, compounding financial distress. The model is put to work to analyze issues such as the welfare effects of having cities absorb pension risk and how unions affect the ...
Staff Report , Paper 501

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