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Working Paper
Labor Market Responses to Unemployment Insurance: The Role of Heterogeneity
Birinci, Serdar; See, Kurt (2021-11)
We document considerable scope of heterogeneity within the unemployed, especially when the unemployed are divided along eligibility and receipt of unemployment insurance (UI). We study the implications of this heterogeneity on UI’s insurance-incentive trade-off using a heterogeneous-agent job-search model capable of matching the wealth and income differences that distinguish UI recipients from non-recipients. Insurance benefits are larger for UI recipients who are predominantly wealth-poor. Meanwhile, incentive costs are nonmonotonic in wealth because the poorest individuals, who value ...
Working Papers , Paper 2019-022

Working Paper
Financial Repercussions of SNAP Work Requirements
Dodini, Samuel; Larrimore, Jeff; Tranfaglia, Anna (2022-05-24)
This paper considers the credit response of individuals after the implementation of new work requirements for Supplemental Nutrition Assistance (SNAP) benefits using a large nationally representative sample of credit records. It does so by exploiting county-level variation in the implementation of work requirements after the Great Recession in a difference-in-differences design. We find that the implementation of new SNAP work requirements leads more people to seek out new credit and leads to an increase in credit account openings. New work requirements also result in an increase in total ...
Finance and Economics Discussion Series , Paper 2022-030

Working Paper
House Prices and Rents in the 21st Century
Loewenstein, Lara; Willen, Paul S. (2023-01-05)
We study the joint evolution of prices and rents of residential property. We construct indices for both rents and prices of renter-occupied properties and for prices of owner-occupied properties. We then decompose the change in the price of occupant-owned property into three components: (1) changes in rent, (2) changes in the relative prices of investor- and occupant-owned properties, and (3) changes in the price-rent ratio. We use a simple model to link our decomposition to different sources of variation in house prices. We argue that while the 2000s boom was plausibly driven by exuberant ...
Working Papers , Paper 23-02

Working Paper
Nonlinear Budget Set Regressions for the Random Utility Model
Blomquist, Soren; Kumar, Anil; Liang, Che-Yuan; Newey, Whitney K. (2022-09-28)
This paper is about the nonparametric regression of a choice variable on a nonlinear budget set when there is general heterogeneity, i.e., in the random utility model (RUM). We show that utility maximization makes this a three-dimensional regression with piecewise linear, convex budget sets with a more parsimonious specification than previously derived. We show that the regression allows for measurement and/or optimization errors in the outcome variable. We characterize all of the restrictions of utility maximization on the budget set regression and show how to check these restrictions. We ...
Working Papers , Paper 2219

Working Paper
The Household Expenditure Response to a Consumption Tax Rate Increase
Cashin, David B. (2017-03-28)
This study measures the effect of an increase in Japan's Value Added Tax rate on the timing of household expenditures and consumption, which do not necessarily coincide. The analysis finds that durable and storable expenditures surged in the month prior to the tax rate increase, fell sharply upon implementation, but quickly returned to their previous long-run levels. Non-storable non-durable expenditures increased slightly in the month prior to the tax rate increase, but were otherwise unresponsive. A dynamic structural model of household consumption reveals that the observed expenditure ...
Finance and Economics Discussion Series , Paper 2017-035

Working Paper
Do increases in subsidized housing reduce the incidence of homelessness?: evidence from the low-income housing tax credit
Kawano, Laura; Jackson, Osborne (2015-05-01)
The provision of affordable housing for low-income families is often cited by policymakers and advocacy groups as a necessity for ending homelessness. The U.S. government spends a considerable amount on housing programs for the nation's poor, and the use of federal housing programs to mitigate homelessness has attracted increasing interest following the recent financial downturn and housing market crisis. While important for housing policy, however, the question of whether subsidized housing is effective for combating homelessness remains unresolved. In this paper, the authors examine the ...
Working Papers , Paper 15-11

Working Paper
Who Cares? Paid Sick Leave Mandates, Care-Giving, and Gender
Patel, Elena; Ramnath, Shanthi; Byker, Tanya (2023-04)
We use employment data from the Current Population Survey to assess the efficacy of state-mandated paid sick leave policies on leave-taking behavior with a focus on any variation by gender. We find that these policies increase leave taking for care-giving for men by 10-20%, and this effect is strongest for men with young children in the household. In addition, we find that Hispanic men and men without a bachelor’s degree, who historically have had low access to paid sick leave, are 20–25% more likely to take care-giving leave. By comparison, we do not find evidence that these policies ...
Working Paper Series , Paper WP 2023-14

Working Paper
Women's Labor Force Exits during COVID-19: Differences by Motherhood, Race, and Ethnicity
Lim, Katherine; Zabek, Mike (2021-10-18)
In this paper, we study declines in women's labor force participation by race and ethnicity as well as the presence of children. We find that increases in labor force exits were larger for Black women, Latinas, and women living with children. In particular, we find larger increases in pandemic-era labor force exits among women living with children under age 6 and among lower-earning women living with school-age children after controlling for detailed job and demographic characteristics. Latinas and Black women also had larger increases in labor force exits during the pandemic relative to ...
Finance and Economics Discussion Series , Paper 2021-067

Working Paper
House Prices and Rents in the 21st Century
Loewenstein, Lara; Willen, Paul S. (2023-02-01)
We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent, (2) changes in the relative prices of investor- and occupant-owned properties, and (3) changes in the price-rent ratio. Via a simple model, we link our decomposition to different sources of variation in house prices. We argue that while the 2000s boom was plausibly driven by exuberant expectations, the boom of the 2020s more likely resulted from a ...
Working Papers , Paper 23-2

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

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