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Newsletter
Inequality and Recessions
De Nardi, Mariacristina; Amromin, Gene; Schulze, Karl (2018)
The increase in inequality over the past several decades has received widespread attention from both academics and the public at large. While much of this discourse centers on either the causes or normative implications of increasing inequality, it is important to ask whether the widening gap between the rich and poor has any direct effects on macroeconomic aggregates and, in particular, on the severity of the Great Recession, when output and consumption dropped precipitously and were slow to recover (see figure 1).
Chicago Fed Letter

Discussion Paper
Which Households Have Negative Wealth?
Armantier, Olivier; De Giorgi, Giacomo; Armona, Luis; Van der Klaauw, Wilbert (2016-08-01)
At some point in its life a household’s total debt may exceed its total assets, in which case it has “negative wealth.” Even if this status is temporary, it may affect the household’s ability to save for durable goods, restrict access to further credit, and may require living in a state of limited consumption. Detailed analysis of the holdings of negative-wealth households, however, is a topic that has received little attention. In particular, relatively little is known about the characteristics of such households or about what drives negative wealth. A better understanding of these ...
Liberty Street Economics , Paper 20160801

Report
Housing busts and household mobility
Tracy, Joseph; Gyourko, Joseph; Ferreira, Fernando (2008)
Using two decades of American Housing Survey data from 1985 to 2005, we estimate the influence of negative home equity and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility rates over time. The effects are economically large -- mobility is almost 50 percent lower for owners with negative equity in their homes. This finding does not imply that current concerns over defaults and homeowners having to relocate are entirely misplaced. It does indicate that, in the past, the mortgage lock-in effects of these two factors were dominant ...
Staff Reports , Paper 350

Report
Banks, markets, and efficiency
Martin, Antoine; Fecht, Falko (2005)
In this paper, we address the question whether increasing households' financial market access improves welfare in a financial system in which there is intense competition among banks for private households' funds. Following earlier work by Diamond and by Fecht, we use a model in which the degree of liquidity insurance offered to households through banks' deposit contracts is restrained by households' financial market access. However, we also assume spatial monopolistic competition among banks. Because monopoly rents are assumed to bring about inefficiencies, improved financial market access ...
Staff Reports , Paper 210

Conference Paper
Householder response to the earned income tax credit: path of sustenance or road to asset building
Lee, Steven; Rhine, Sherrie L. W.; Osaki, Yazmin; Su, Sabrina (2005)
This study seeks to gain a more complete picture about how the Earned Income Tax Credit program influences consumer expenditure and saving decisions. Based on survey data collected from over 18,000 taxpayers participating at the Volunteer Income Tax Assistance sites administered by the Community Food Resource Center, a nonprofit organization in New York City, we find that a fairly large proportion of lower-income taxpayers expect to use the majority of their refund for the purpose of paying debt and other more immediate expenses. Even so, almost 11 percent of these taxpayers reported that ...
Proceedings , Paper 957

Newsletter
Food inflation and the consumption patterns of U.S. households
McGranahan, Leslie (2008-10)
In July 2008, food prices were 6.0% above their July 2007 level. This article examines how different household types have been affected by the recent rapid rise in food prices.
Chicago Fed Letter , Issue Oct

Journal Article
Consumers and the economy, part I: Household credit and personal saving
Glick, Reuven; Lansing, Kevin J. (2011)
In the years since the bursting of the housing bubble, the personal saving rate has trended up from around 1% to around 6%, while the ratio of household debt to disposable income has dropped from 130% to 118%. Changes over time in the availability of credit to households can explain 90% of the variance of the saving rate since the mid-1960s, including the recent uptrend, according to a simple empirical model.
FRBSF Economic Letter

Working Paper
Are Millennials Different?
Vine, Daniel J.; Li, Geng; Kurz, Christopher J. (2018-11-28)
The economic wellbeing of the millennial generation, which entered its working-age years around the time of the 2007-09 recession, has received considerable attention from economists and the popular press. This chapter compares the socioeconomic and demographic characteristics of millennials with those of earlier generations and compares their income, saving, and consumption expenditures. Relative to members of earlier generations, millennials are more racially diverse, more educated, and more likely to have deferred marriage; these comparisons are continuations of longer-run trends in the ...
Finance and Economics Discussion Series , Paper 2018-080

Working Paper
Retail CBDC and U.S. Monetary Policy Implementation: A Stylized Balance Sheet Analysis
Malloy, Matthew; Martinez, Francis; Styczynski, Mary-Frances; Thorp, Alex (2022-05-31)
This paper discusses how a Federal Reserve issued retail central bank digital currency (CBDC) could affect U.S. monetary policy implementation. Using a stylized balance sheet analysis, we analyze the effect a retail CBDC could have on the balance sheets of the Federal Reserve, commercial banks, and U.S. households. Then we consider how these balance sheet changes could affect monetary policy implementation for the Federal Reserve. We illustrate that the potential effects on monetary policy implementation from a retail CBDC are highly dependent on the initial conditions of the Federal ...
Finance and Economics Discussion Series , Paper 2022-032

Journal Article
Spending Patterns and Cost of Living for Younger versus Older Households
Gautam, Akshat; Nie, Jun (2019-10)
Older households have faced slightly higher inflation rates than younger households over the past 40 years, though this gap is narrowing.
Economic Review , Issue Q IV , Pages 5-21

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