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Working Paper
Consumption, credit, and the missing young
Gorbachev, Olga; Cooper, Daniel H.; Luengo-Prado, Maria Jose (2019-10-01)
There are more young adults today with either no credit history or insufficient credit history to be scored by one of the major credit bureaus than there were before the Great Recession ? a reality that is likely an unintended outcome of the CARD Act of 2009. In regressions that include a rich set of controls, this paper shows that measures of young adults missing from credit bureau data act as a drag on state-level consumption growth. This finding seems to be driven by young individuals from more disadvantaged backgrounds having less access to credit since the act went into effect.
Working Papers , Paper 19-10

Discussion Paper
Small Business Recovery after Natural Disasters
Hiti, Martin; Kramer, Claire; Sarkar, Asani (2022-09-06)
The first post of this series found that small businesses owned by people of color are particularly vulnerable to natural disasters. In this post, we focus on the aftermath of disasters, and examine disparities in the ability of firms to reopen their businesses and access disaster relief. Our results indicate that Black-owned firms are more likely to remain closed for longer periods and face greater difficulties in obtaining the immediate relief needed to cope with a natural disaster.
Liberty Street Economics , Paper 20220906b

Report
Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms
Ajello, Andrea; Boyarchenko, Nina; Gourio, François; Tambalotti, Andrea (2022-02-01)
This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial vulnerabilities are inherent to financial systems and tend to be procyclical. Moreover, financial vulnerabilities amplify the effects of adverse shocks to the economy, so that even a small shock to fundamentals or a small revision of beliefs can create a self-reinforcing feedback loop that impairs credit ...
Staff Reports , Paper 1002

Discussion Paper
Just Released: Who's Borrowing Now? The Young and the Riskless!
Lee, Donghoon; Haughwout, Andrew F.; Yun, David; Van der Klaauw, Wilbert (2014-02-18)
According to today’s release of the New York Fed’s 2013:Q4 Household Debt and Credit Report, aggregate consumer debt increased by $241 billion in the fourth quarter, the largest quarter-to-quarter increase since 2007. More importantly, between 2012:Q4 and 2013:Q4, total household debt rose $180 billion, marking the first four-quarter increase in outstanding debt since 2008. As net household borrowing resumes, it is interesting to see who is driving these balance changes, and to compare some of today’s patterns with those of the boom period.
Liberty Street Economics , Paper 20140218b

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

Journal Article
Regulations
Community Development, Federal Reserve Bank of Dallas (2003)
The Federal Reserve, HUD and the Federal Trade Commission, among others, implement regulations that address many abusive lending practices.
e-Perspectives , Volume 3 , Issue 2

Working Paper
How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic
Willen, Paul S.; Vickery, James; Fuster, Andreas; Hizmo, Aurel; Lambie-Hanson, Lauren (2021-05-27)
We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the pass-through of low rates to borrowers. Markups typically rise during periods of peak demand, but this historical relationship explains only part of the large increase during the pandemic. We present evidence that pandemic-related labor market frictions and operational bottlenecks contributed to unusually inelastic credit supply, and that ...
Working Papers , Paper 21-20

Speech
Rising to the Challenge: Central Banking, Financial Markets, and the Pandemic
Williams, John C. (2020-07-16)
Remarks at the 16th Meeting of the Financial Research Advisory Committee for the Treasury’s Office of Financial Research (delivered via videoconference).
Speech

Working Paper
Decomposing Gender Differences in Bankcard Credit Limits
Blascak, Nathan; Tranfaglia, Anna (2023-12-05)
Using linked mortgage application and credit bureau data, we document the existence of unconditional and conditional gender gaps in the distribution of total bankcard limits. We estimate that male borrowers have approximately $1,300 higher total bankcard limits than female borrowers. This gap is primarily driven by a large gender gap in the right tail of the limit distribution. At the median and in the left tail of the total limit distribution, women have larger limits than men. Results from a Kitagawa-Oaxaca-Blinder decomposition show that 87 percent of the gap is explained by differences in ...
Working Papers , Paper 23-30

Speech
Addressing the Economic Effects of the COVID-19 Pandemic
Rosengren, Eric S. (2020-04-01)
Today, we’re witnessing the pandemic’s stark effects on public health. Meanwhile, the necessary response – social distancing – has stilled our strong economy, disrupting countless lives and livelihoods. It’s also been distorting the credit and liquidity flows that underpin our economy, threatening the greater pain of a full-blown financial crisis. Traditional economic models are challenged by this unique situation. To me, the most important factors are how well we avoid financial spillovers, and how effective the fiscal stimulus is, as well as the progression of COVID-19 infections. ...
Speech

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