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Working Paper
Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program
We study the effects of the Main Street Lending Program (MSLP)—an emergency lending program aimed at supporting the flow of credit to small and mid-sized firms during the COVID-19 crisis on bank lending to businesses. Using instrumental variables for identification and multiple loan-level and survey data sources, we document that the MSLP increased banks' willingness to lend more generally outside the program to both large and small firms. Following the introduction of the program, participating banks were more likely to renew maturing loans and to originate new loans, as well as less ...
Urban and Regional Migration Estimates, Third Quarter 2023 Update
This Data Brief updates the figures that appeared in "Urban and Regional Migration Estimates: Will Your City Recover from the Pandemic?" with data for 2023 Q3 for all series. Migration estimates enable us to track which urban neighborhoods and metro areas are returning to their old migration patterns and where the pandemic has permanently shifted migration trends.
Report
Understanding Migration Trends to Prepare for the Post-Pandemic Future
As the country has emerged from the pandemic, the places where people have traditionally lived and spent their money have shifted. Considering how our region has fared relative to the rest of the nation, this analysis reveals the region’s strengths and weaknesses and points to seven key insights that should guide policy decisions as we prepare for the post-pandemic years.
Working Paper
The effect of ending the pandemic-related mandate of continuous Medicaid coverage on health insurance coverage
The Medicaid continuous enrollment provision, which ensured uninterrupted coverage for beneficiaries during the COVID-19 pandemic, was ended in March 2023. This unwinding process has led to large-scale Medicaid disenrollments, as states resumed their standard renewal process to evaluate enrolled individuals' eligibility status. Our analysis investigates whether resumption of states' renewal process has led to an increase in the risk of becoming uninsured for adults aged under 65 and affected their household economic well-being. Using state-month variation in the timing of the first round of ...
Discussion Paper
Wealth Inequality by Age in the Post‑Pandemic Era
Following our post on racial and ethnic wealth gaps, here we turn to the distribution of wealth across age groups, focusing on how the picture has changed since the beginning of the pandemic. As of 2019, individuals under 40 years old held just 4.9 percent of total U.S. wealth despite comprising 37 percent of the adult population. Conversely, individuals over age 54 made up a similar share of the population and held 71.6 percent of total wealth. Since 2019, we find a slight narrowing of these wealth disparities across age groups, likely driven by expanded ownership of financial assets among ...
Urban and Regional Migration Estimates, Fourth Quarter 2023 Update
This Data Brief updates the figures that appeared in “Urban and Regional Migration Estimates: Will Your City Recover from the Pandemic?” with data for 2023:Q4 for all series. Migration estimates enable us to track which urban neighborhoods and metro areas are returning to their old migration patterns and where the pandemic has permanently shifted migration trends.
Journal Article
Did Substance Abuse during the Pandemic Reduce Labor Force Participation?
The labor force participation rates of prime-age US workers dropped in March 2020—the start of the COVID-19 pandemic—and have still not fully recovered. At the same time, deaths from substance abuse were elevated during the pandemic relative to trend, indicating the number of people abusing substances may have increased, and those who abuse opioids and crystal methamphetamine have lower labor force participation rates than those who don’t abuse these substances. Could increased substance abuse during the pandemic be a factor contributing to the fall in labor force participation? ...
Journal Article
Why Cash Transfers Are Good Policy in the COVID-19 Pandemic
The COVID-19 pandemic has had an exceptionally large and negative impact on economic activity around the world. We show that cash transfers can be a useful policy tool during the pandemic. Cash transfers mitigate consumption inequality induced by the pandemic and provide incentives to individuals who are most negatively affected by lockdown policies to adhere to them.
Journal Article
Revenge Spending in the Wake of the Pandemic
Nebraskans are spending more on experiences after the pandemic, according to recent research from the Kansas City Fed.
The Demographics of Urban Migrants Since the Pandemic
The postpandemic movement of people out of urban neighborhoods is speeding up changes in the age, credit risk, income, home ownership, and ethnic mix of these neighborhoods. Migration has been consistent with patterns in place before the pandemic, but at higher levels.