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Discussion Paper
Who Benefited from PPP Loans by Fintech Lenders?
Godin, Nathan Y.; Battisto, Jessica; Sarkar, Asani; Kramer, Claire (2021-05-27)
In the previous post, we discussed inequalities in access to credit from the Paycheck Protection Program (PPP), showing that, although fintech lenders had a small share of total PPP loan volumes, they provided important support for underserved borrowers. In this post, we ask whether smaller firms received the amount of PPP credit that they requested, and whether loans went to the hardest-hit areas and mitigated job losses. Our results indicate that fintech providers were a key channel in reaching minority-owned firms, the smallest of small businesses, and borrowers most affected by the ...
Liberty Street Economics , Paper 20210527c

Working Paper
Intergenerational Health Mobility in the US
Mazumder, Bhashkar; Halliday, Toby; Wong, Ashley (2018-01-31)
Studies of intergenerational mobility have largely ignored health despite the central importance of health to welfare. We present the first estimates of intergenerational health mobility in the US by using repeated measures of self-reported health status (SRH) during adulthood from the PSID. Our main finding is that there is substantially greater health mobility than income mobility in the US. A possible explanation is that social institutions and policies are more effective at disrupting intergenerational health transmission than income transmission. We further show that health and income ...
Working Paper Series , Paper WP-2018-2

Discussion Paper
Coronavirus Outbreak Sends Consumer Expectations Plummeting
Armantier, Olivier; Koşar, Gizem; Topa, Giorgio; Skandalis, Daphne; Smith, Kyle; Van der Klaauw, Wilbert; Pomerantz, Rachel (2020-04-06)
The New York Fed’s Center for Microeconomic Data released results today from its March 2020 Survey of Consumer Expectations (SCE), which provides information on consumers' economic expectations and behavior. In particular, the survey covers respondents’ views on how income, spending, inflation, credit access, and housing and labor market conditions will evolve over time. The March survey, which was fielded between March 2 and 31, records a substantial deterioration in financial and economic expectations, including sharp declines in household income and spending growth expectations. As ...
Liberty Street Economics , Paper 20200406b

Working Paper
Modeling to Inform Economy-Wide Pandemic Policy: Bringing Epidemiologists and Economists Together
Darden, Michael; Dowdy, David; Gardner, Lauren; Hamilton, Barton; Kopecky, Karen A.; Marx, Melissa; Papageorge, Nicholas; Polsky, Daniel; Powers, Kimberly; Stuart, Elizabeth; Zahn, Matthew (2021-11-16)
Facing unprecedented uncertainty and drastic trade-offs between public health and other forms of human well-being, policymakers during the Covid-19 pandemic have sought the guidance of epidemiologists and economists. Unfortunately, while both groups of scientists use many of the same basic mathematical tools, the models they develop to inform policy tend to rely on different sets of assumptions and, thus, often lead to different policy conclusions. This divergence in policy recommendations can lead to uncertainty and confusion, opening the door to disinformation, distrust of institutions, and ...
FRB Atlanta Working Paper , Paper 2021-26

Working Paper
The Impact of the COVID-19 Pandemic on the Demand for Density: Evidence from the U.S. Housing Market
Su, Yichen; Liu, Sitian (2020-08-14)
Cities are shaped by the strength of agglomeration and dispersion forces. We show that the COVID-19 pandemic has re-introduced disease transmission as a dispersion force in modern cities. We use detailed housing data to study the impact of the COVID-19 pandemic on the location demand for housing. We find that the pandemic has led to a greater decline in the demand for housing in neighborhoods with high population density. We further show that the reduced demand for density is partially driven by the diminished need of living close to jobs that are telework-compatible and the declining value ...
Working Papers , Paper 2024

Working Paper
The Role of Information in Pharmaceutical Advertising: Theory and Evidence
Marquardt, Kelli; Ryan, Conor (2023-10-12)
This paper theoretically and empirically examines the role of information in the practice of pharmaceutical detailing (promotional interactions between drug representatives and physicians). We start with a theoretical framework in which pharmaceutical firms target detailing visits to physicians who potentially learn about drug quality and prescribe it to their patients. We derive several predictions about the role of information in these visits, which we then test empirically using Medicare Part D prescriptions and pharmaceutical detailing visit data. We find there is little empirical ...
Working Paper Series , Paper WP 2023-40

Working Paper
Four Stylized Facts about COVID-19
Kopecky, Karen A.; Zha, Tao; Atkeson, Andrew (2020-08-26)
We document four facts about the worldwide COVID-19 pandemic that are relevant for those studying the impact of nonpharmaceutical interventions (NPIs) on COVID-19 transmission. First, across all countries and U.S. states that we study, the growth rates of daily deaths from COVID-19 fell from a wide range of initially high levels to levels close to zero within 20–30 days after each region experienced 25 cumulative deaths. Second, after this initial period, growth rates of daily deaths have hovered around zero or below everywhere in the world. Third, the cross section standard deviation of ...
FRB Atlanta Working Paper , Paper 2020-15

Working Paper
The Mechanics of Individually- and Socially-Optimal Decisions during an Epidemic
Vandenbroucke, Guillaume (2021-09-14)
I present a model where work implies social interactions and the spread of a disease is described by an SIR-type framework. Upon the outbreak of a disease reduced social contacts are decided at the cost of lower consumption. Private individuals do not internalize the effects of their decisions on the evolution of the epidemic while the planner does. Specifically, the planner internalizes that an early reduction in contacts implies fewer infectious in the future and, therefore, a lower risk of infection. This additional (relative to private individuals) benefit of reduced contacts implies that ...
Working Papers , Paper 2020-013

Report
Germs, Social Networks, and Growth
Fogli, Alessandra; Veldkamp, Laura (2018-11-19)
Does the pattern of social connections between individuals matter for macroeconomic outcomes? If so, where do these differences come from and how large are their effects? Using network analysis tools, we explore how different social network structures affect technology diffusion and thereby a country's rate of growth. The correlation between high-diffusion networks and income is strongly positive. But when we use a model to isolate the effect of a change in social networks, the effect can be positive, negative, or zero. The reason is that networks diffuse ideas and disease. Low-diffusion ...
Staff Report , Paper 572

Working Paper
The Impact of the COVID-19 Pandemic on the Demand for Density: Evidence from the U.S. Housing Market
Su, Yichen; Liu, Sitian (2020-10-23)
Cities are shaped by the strength of agglomeration and dispersion forces. We show that the COVID-19 pandemic has re-introduced disease transmission as a dispersion force in modern cities. We use detailed housing data to study the impact of the COVID-19 pandemic on the location demand for housing. We find that the pandemic has led to a reduced demand for housing in neighborhoods with high population density. The reduced demand for density is driven partially by the diminished need of living close to jobs that are telework-compatible and the declining value of access to consumption amenities. ...
Working Papers , Paper 2024

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