Search Results
Speech
Helping People and Communities Affected by Regional Economic Transitions 09.01.16 2016 Kentucky Summit on Philanthropy, The Kentucky Philanthropy Initiative, Lexington, Kentucky
I thank the Kentucky Philanthropy Initiative (KPI) for inviting me to be with you today, and for the great partnership KPI has forged with the Cleveland Fed as we work together to understand and find solutions to the economic challenges facing this region. I appreciate this opportunity not only to enjoy the beautiful bluegrass scenery but also to gather firsthand information about economic conditions in this part of the country. Yesterday I observed an electrical/fiber optic lineman training program at Hazard Community and Technical College and met with representatives of the Eastern Kentucky ...
Working Paper
The Canary in the Coal Decline: Appalachian Household Finance and the Transition from Fossil Fuels
We use individual-level credit data to study how recent declines in Appalachian coal mining affected household finances between 2011 and 2018. Using exogenous variation in electricity sector demand for coal, we find declines in coal demand decreased credit scores and increased financial distress within two years of coal shocks. These effects cannot be explained solely by job losses in coal mine worker households. Credit score declines and financial distress were largest among older individuals and people with lower-middle credit scores. Our results suggest the energy transition away from ...