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Working Paper
How Important Is Health Inequality for Lifetime Earnings Inequality?
Hosseini, Roozbeh; Kopecky, Karen A.; Zhao, Kai (2021-01-04)
Using a dynamic panel approach, we provide empirical evidence that negative health shocks reduce earnings. The effect is primarily driven by the participation margin and is concentrated in less educated individuals and those with poor health. We build a dynamic, general equilibrium, life cycle model that is consistent with these findings. In the model, individuals whose health is risky and heterogeneous choose to either work, or not work and apply for social security disability insurance (SSDI). Health affects individuals’ productivity, SSDI access, disutility from work, mortality, and ...
FRB Atlanta Working Paper , Paper 2021-1

Working Paper
I've Got 99 Problems But a Bill Ain't One: Hospital Billing Caps and Financial Distress in California
Antwi, Yaa Asoka; Aouad, Marion; Blascak, Nathan (2023-09-19)
We examine the financial consequences of the 2007 California Fair Pricing Law (FPL), a law that places a price ceiling on hospital bills for uninsured and financially vulnerable individuals. Using difference-in difference-in-differences models, we exploit cross-sectional variation in exposure to the law to estimate the causal effects of the FPL on different measures of financial distress. We find that the law reduces the medical and non-medical debt burden of individuals targeted by the law, with the likelihood of incurring non-medical debt in collections declining by 14.5 percent and the ...
Working Papers , Paper 23-20

Report
Sectoral Mobility during the COVID-19 Pandemic
Cox, Catherine; Jackson, Osborne (2022-12-07)
This study uses the longitudinal design of the US Current Population Survey to describe sectoral mobility trends for workers before and after the emergence of COVID-19. We find a small increase in the 15-month rate of workers who switched industries following the onset of the pandemic, likely driven by workers who did not have an unemployment stint following job separation. However, larger changes in sectoral mobility during this time are evident when we examine differences across regions, industries, and individuals who are stratified by characteristics such as sex, age, or education. These ...
Current Policy Perspectives

Working Paper
Not in My Backyard? Not So Fast. The Effect of Marijuana Legalization on Neighborhood Crime
Brinkman, Jeffrey; Mok-Lamme, David (2017-07-18)
This paper studies the effects of marijuana legalization on neighborhood crime using unique geospatial data from Denver, Colorado. We construct a highly local panel data set that includes changes in the location of marijuana dispensaries and changes in neighborhood crime. To account for endogenous retail dispensary locations, we use a novel identification strategy that exploits exogenous changes in demand across different locations. The change in geographic demand arises from the increased importance of access to external markets caused by a change in state and local policy. The results imply ...
Working Papers , Paper 17-19

Discussion Paper
The Official Sector’s Response to the Coronavirus Pandemic and Moral Hazard
Kovner, Anna; Martin, Antoine (2020-09-24)
Any time the Federal Reserve or the official sector more broadly provides support to the economy during a crisis, the intervention raises concerns related to moral hazard. Moral hazard can occur when market participants do not bear the negative consequences of the risks they take. This lack of consequences can encourage even greater risks, due to the expectation of future government help. In this post, we consider the potential for moral hazard stemming from the official sector’s response to the coronavirus pandemic and explain why moral hazard concerns were likely more severe in 2008.
Liberty Street Economics , Paper 20200924

Report
An Approach to Predicting Regional Labor Market Effects of Economic Shocks: The COVID-19 Pandemic in New England
Jackson, Osborne (2020-06-29)
The emergence of the COVID-19 pandemic led state and local governments throughout New England and much of the nation to issue ordinances restricting activity that might otherwise contribute to the spread of the disease. Individuals also freely adjusted their behavior, hoping to reduce the chances of infecting themselves or others. As a result, many employers have experienced substantial reductions in sales revenue, which were expected to generate harmful effects on the labor market. Even though the reversal of mandated policies and voluntary behavior changes are well under way, the initial ...
Current Policy Perspectives

Discussion Paper
Implications of the COVID-19 Disruption for Corporate Leverage
An, Sungmin; Luck, Stephan; Kovner, Anna (2020-08-10)
The COVID-19 pandemic has caused significant economic disruptions among U.S. corporations. In this post, we study the preliminary impact of these disruptions on the cash flow and leverage of public U.S. corporations using public filings through April 2020. We find that the pandemic had a negative impact on cash flow while also reducing corporations’ interest expenses. However, the cash flow shock far outpaced the benefits of lower interest payments, especially in industries that were disproportionately levered. Looking ahead, we find that a sizable share of U.S. corporations have interest ...
Liberty Street Economics , Paper 20200810

Working Paper
What Happened to the US Economy During the 1918 Influenza Pandemic? A View Through High-Frequency Data
Velde, Francois R. (2020-04-15)
Burns and Mitchell (1946, 109) found a recession of "exceptional brevity and moderate amplitude." I confirm their judgment by examining a variety of high-frequency data. Industrial output fell sharply but rebounded within months. Retail seemed little affected and there is no evidence of increased business failures or stressed financial system. Cross-sectional data from the coal industry documents the short-lived impact of the epidemic on labor supply. The Armistice possibly prolonged the 1918 recession, short as it was, by injecting momentary uncertainty. Interventions to hinder the contagion ...
Working Paper Series , Paper WP-2020-11

Working Paper
The Effect of the Patient Protection and Affordable Care Act Medicaid Expansions on Financial Wellbeing
Kaestner, Robert; Mazumder, Bhashkar; Hu, Luojia; Miller, Sarah; Wong, Ashley (2016-09-21)
We examine the effect of the Medicaid expansions under the 2010 Patient Protection and Affordable Care Act (ACA) on consumer, financial outcomes using data from a major credit reporting agency for a large, national sample of adults. We employ the synthetic control method to compare individuals living in states that expanded Medicaid to those that did not. We find that the Medicaid expansions significantly reduced the number of unpaid bills and the amount of debt sent to third-party collection agencies among those residing in zip codes with the highest share of low-income, uninsured ...
Working Paper Series , Paper WP-2016-10

Working Paper
Has COVID Reversed Gentrification in Major U.S. Cities? An Empirical Examination of Residential Mobility in Gentrifying Neighborhoods During the COVID-19 Crisis
Ding, Lei; Hwang, Jackelyn (2022-08-17)
This paper examines whether neighborhoods that had been gentrifying lost their appeal during the pandemic because of COVID-induced health risks and increased work-from-home arrangements. By following the mobility pattern of residents in gentrifying neighborhoods in 39 major U.S. cities, we note a larger increase of 1.2 percentage points in the outmigration rate from gentrifying neighborhoods by the end of 2021, relative to nongentrifying ones, with out-of-city moves accounting for over 71 percent of the increased flight. The share of out-of-city moves into gentrifying neighborhoods also ...
Working Papers , Paper 22-20

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