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Jel Classification:E20 

Report
Student loan debt and economic outcomes

This policy brief examines the impact of student loan debt on individuals' homeownership status and wealth accumulation, employing a rich set of financial and demographic variables that are not available in many of the existing studies that use credit bureau data. It is important to understand whether and, if so, how student loan debt affects households' economic decisions because student loan debt has now surpassed credit card debt to become the second largest amount of household debt outstanding after mortgage debt.
Current Policy Perspectives , Paper 14-7

Speech
Remarks at the fifth Data Management Strategies and Technologies Workshop

Remarks at the Fifth Data Management Strategies and Technologies Workshop, Federal Reserve Bank of New York, New York City
Speech , Paper 129

Speech
U.S. macroeconomic and regulatory developments and emerging market economies

Remarks at the International Financial Conference Annual Meeting, Cartagena, Colombia.
Speech , Paper 159

Report
Identifying shocks via time-varying volatility

An n-variable structural vector auto-regression (SVAR) can be identified (up to shock order) from the evolution of the residual covariance across time if the structural shocks exhibit heteroskedasticity (Rigobon (2003), Sentana and Fiorentini (2001)). However, the path of residual covariances can only be recovered from the data under specific parametric assumptions on the variance process. I propose a new identification argument that identifies the SVAR up to shock orderings using the autocovariance structure of second moments of the residuals, implied by an arbitrary stochastic process for ...
Staff Reports , Paper 871

Speech
The national and regional economy

Remarks at Rensselaer Polytechnic Institute, Troy, New York.
Speech , Paper 144

Speech
The 2015 economic outlook and the implications for monetary policy

Remarks at Bernard M. Baruch College, New York City.
Speech , Paper 153

Report
Appendix for How Exporters Grow

No abstract
Staff Report , Paper 539

Working Paper
Explaining Cross-Cohort Differences in Life Cycle Earnings

College-educated workers entering the labor market in 1940 experienced a 4-fold increase in their labor earnings between the ages of 25 and 55; in contrast, the increase was 2.6-fold for those entering the market in 1980. For workers without a college education these figures are 3.6-fold and 1.5-fold, respectively. Why are earnings profiles flatter for recent cohorts? We build a parsimonious model of schooling and human capital accumulation on the job and calibrate it to earnings statistics of workers from the 1940 cohort. The model accounts for 99 percent of the flattening of earnings ...
Working Papers , Paper 2015-35

Working Paper
Rural-Urban Migration, Structural Transformation, and Housing Markets in China

This paper explores the contribution of the structural transformation and urbanization process in the housing market in China. City migration flows combined with an inelastic land supply, due to entry restrictions, has raised house prices. This issue is examined using a multi-sector dynamic general-equilibrium model with migration and housing market. Our quantitative findings suggest that this process accounts for about 80 percent of urban housing prices. This mechanism remains valid in an extension calibrated to the two largest cities where housing booms have been particularly noticeable. ...
Working Papers , Paper 2014-28

Working Paper
The Effects of the Saving and Banking Glut on the U.S. Economy

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the financial crisis. The key to these findings is that the model generates the sustained low level of interest rates observed over that period.
Working Paper Series , Paper WP-2013-17

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Spiegel, Mark M. 3 items

Amaral, Pedro S. 2 items

Civelli, Andrea 2 items

Deck, Cary 2 items

Dudley, William 2 items

Fernald, John G. 2 items

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Consumption 3 items

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