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Jel Classification:D1 

Journal Article
Toward Healthy Balance Sheets: Are Savings Accounts a Gateway to Young Adults’ Asset Diversification and Accumulation?

Understanding the balance sheets of today?s young adults?particularly the factors that set them on a path to financial security through asset diversification and accumulation?lends some insight into the balance sheets they will have when they are older. This study uses panel data from the Census Bureau?s 1996 Survey of Income and Program Participation to investigate the acquisition of a savings account as a gateway to asset diversification and accumulation for young adults. Two avenues were considered: The first emphasized ownership of a diverse portfolio of financial products, and the second ...
Review , Volume 96 , Issue 4 , Pages 359-389

Discussion Paper
The Homeownership Gap Is Finally Closing

The homeownership rate peaked at 69 percent in late 2004. By the summer of 2016, it had dropped below 63 percent?exactly where it was when the government started reporting these data back in 1965. The housing bust played a central role in this decline. We capture this effect through what we call the homeownership gap?the difference between the official homeownership rate and the ?effective? rate where only homeowners with positive equity in their house are counted. The effective rate takes into account that a borrower does not in an economic sense own the house if the mortgage debt is greater ...
Liberty Street Economics , Paper 20170216

Discussion Paper
Household Borrowing in Historical Perspective

Today, the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the first quarter of 2017. The report shows a rise in household debt balances in the quarter of $149 billion, the eleventh consecutive quarterly increase since the long period of deleveraging following the Great Recession. As of March 31, 2017, household debt balances stood at $12.73 trillion, surpassing the previous 2008 peak and hitting a level 14 percent above the trough seen in the second quarter of 2013. With this report’s release, we’re adding two new charts which ...
Liberty Street Economics , Paper 20170517

Discussion Paper
Just Released: A Closer Look at Recent Tightening in Consumer Credit

The Federal Reserve Bank of New York released results today from its October 2018 SCE Credit Access Survey, which provides information on consumers' experiences with and expectations about credit demand and credit access. The survey is fielded every four months and was previously fielded in June.
Liberty Street Economics , Paper 20181203

Discussion Paper
Trends and preferences in consumer payments: updates from the visa payment panel study

Michael Marx, senior director, Visa Research Insights, conducted a workshop in 2009 at the Payment Cards Center (PCC) as the economy was emerging from a recession. At that time, it appeared that the recession had affected consumer payment preferences, especially those related to cash and credit cards. To get an update on consumers? use of the various payment methods, the PCC invited Marx to facilitate another workshop in 2014. More recent findings from the Visa Payment Panel Study reveal declines in cash use ? a return to the long-term trend ? and increases in credit card use, perhaps ...
Consumer Finance Institute discussion papers , Paper 15-2

Discussion Paper
Looking at Student Loan Defaults through a Larger Window

Most of our previous discussion about high levels of student loan delinquency and default has used static measures of payment status. But it is also instructive to consider the experience of borrowers over the lifetime of their student loans rather than at a point in time. In this second post in our three-part series on student loans, we use the Consumer Credit Panel (CCP), which is itself based on Equifax credit data, to create cohort default rates (CDRs) that are analogous to those produced by the Department of Education but go beyond their three-year window. We find that default rates ...
Liberty Street Economics , Paper 20150219

Discussion Paper
Reframing the Debate about Payday Lending

Except for the ten to twelve million people who use them every year, just about everybody hates payday loans. Their detractors include many law professors, consumer advocates, members of the clergy, journalists, policymakers, and even the President! But is all the enmity justified? We show that many elements of the payday lending critique?their ?unconscionable? and ?spiraling? fees and their ?targeting? of minorities?don?t hold up under scrutiny and the weight of evidence. After dispensing with those wrong reasons to object to payday lenders, we focus on a possible right reason: the tendency ...
Liberty Street Economics , Paper 20151019a

Discussion Paper
Who Is Driving the Recent Decline in Consumers Inflation Expectations?

The expectations of U.S. consumers about inflation have declined to record lows over the past several months. That is the finding of two leading surveys, the Federal Reserve Bank of New York’s Survey of Consumer Expectations (SCE) and the University of Michigan’s Survey of Consumers (SoC). In this post, we examine whether this decline is broad-based or whether it is driven by specific demographic groups.
Liberty Street Economics , Paper 20160105

Discussion Paper
Houses as ATMs No Longer

Housing equity is the primary form of collateral that households use for borrowing. This makes it a potentially important source of consumption funding, especially for younger households. In a previous post we showed that owner?s equity in residential real estate has finally, thanks to increasing home prices, rebounded to and essentially re-attained its 2005 peak level. Yet in spite of a gain of more than $7 trillion in housing equity since 2012, so far homeowners haven?t been tapping this equity at anything like the pace we witnessed during the housing boom that ended in 2006. In this post, ...
Liberty Street Economics , Paper 20170215

Discussion Paper
Just Released: Subprime Auto Debt Grows Despite Rising Delinquencies

The latest Quarterly Report on Household Debt and Credit from the New York Fed's Center for Microeconomic Data showed a small increase in overall debt in the third quarter of 2016, bolstered by gains in non-housing debt. Mortgage balances continue to grow at a sluggish pace since the recession while auto loan balances are growing steadily. The rise in auto loans has been fueled by high levels of originations across the spectrum of creditworthiness, including subprime loans, which are disproportionately originated by auto finance companies. Disaggregating delinquency rates by credit score ...
Liberty Street Economics , Paper 20161130

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