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Journal Article
Interview: Christopher Carroll
Steelman, Aaron (2013-01)
Related Links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2013/q1/full_interview.cfm https://www.richmondfed.org/publications/research/econ_focus/2013/q1/interview_weblinks.cfm
Econ Focus , Volume 17 , Issue 1Q , Pages 30-34

Working Paper
Rushing into American Dream? House Prices, Timing of Homeownership, and Adjustment of Consumer Credit
Agarwal, Sumit; Hu, Luojia; Huang, Xing (2013-11-01)
In this paper we use a large panel of individuals from Consumer Credit Panel dataset to study the timing of homeownership as a function of credit constraints and expectations of future house price. Our panel data allows us to track individuals over time and we model the transition probability of their first home purchase. We find that in MSAs with highest quartile house price growth, the median individual become homeowners earlier by 5 years in their lifecycle compared to MSAs with lowest quartile house price growth. The result suggests that the effect of expectation dominates the effect of ...
Working Paper Series , Paper WP-2013-13

Periodic Essay
Shifting fortunes: wealth trends in the Federal Reserve’s survey of consumer finances
Emmons, William R.; Noeth, Bryan J. (2012)
Short essays related to research on understanding and strengthening the balance sheets of American households.
In the Balance , Issue 1

Lower interest rates don’t necessarily improve housing affordability
Richter, Alexander W.; Zhou, Xiaoqing (2024-04-02)
The direct impact of higher mortgage rates on housing affordability has received much attention. We emphasize that housing affordability not only depends on mortgage rates but also on house prices, which have competing effects.
Dallas Fed Economics

Discussion Paper
How and Why Do Consumers Use “Buy Now, Pay Later”?
Aidala, Felix; Mangrum, Daniel; Van der Klaauw, Wilbert (2024-02-14)
In a previous post, we highlighted that financially fragile households are disproportionately likely to use “buy now, pay later” (BNPL) payment plans. In this post, we shed further light on BNPL’s place in its users’ household finances, with a particular focus on how use varies by a household’s level of financial fragility. Our results reveal substantially different use patterns, as more-fragile households tend to use the service to make frequent, relatively small, purchases that they might have trouble affording otherwise. In contrast, financially stable households tend to not use ...
Liberty Street Economics , Paper 20240214

Periodic Essay
Unsteady progress: income trends in the Federal Reserve's survey of consumer finances
Emmons, William R.; Noeth, Bryan J. (2012)
Short essays related to research on understanding and strengthening the balance sheets of American households.
In the Balance , Issue 2

Briefing
How Risky Are Young Borrowers?
Romero, Jessica Sackett; Ghent, Andra C.; Debbaut, Peter; Kudlyak, Marianna (2013-12)
Young borrowers are conventionally considered the most prone to making financial mistakes. This has spurred efforts to limit their access to credit, particularly via credit cards. Recent research suggests, however, that young borrowers are actually among the least likely to experience a serious credit card default. One reason why people obtain credit cards early in life may be to build a strong credit history.
Richmond Fed Economic Brief , Issue Dec

Briefing
Deterring default: why some state laws decrease the probability of mortgage foreclosures
Ghent, Andra C.; Slivinski, Stephen; Kudlyak, Marianna (2009-09)
Many states give mortgage lenders strong legal means by which to pursue debt collection in the event of a mortgage default. In those states, probability of default is lower and the forms the default takes are often quite different from a costly conventional foreclosure.
Richmond Fed Economic Brief , Issue Sep

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

Reciprocal deposit networks provide means to exceed FDIC’s $250,000 account cap
Ryfe, Dylan; Saretto, Alessio (2023-11-28)
Because of their prominence, reciprocal deposits are important in the broader discussion of deposit insurance. Though they have the potential to increase banks’ moral hazard, they also bring increased trust and safety to the banking system.
Dallas Fed Economics

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