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Stimulus through Insurance: The Marginal Propensity to Repay Debt
Koşar, Gizem; Melcangi, Davide; Pilossoph, Laura; Wiczer, David (2023-06-01)
Using detailed micro data, we document that households often use “stimulus” checks to pay down debt, especially those with low net wealth-to-income ratios. To rationalize these patterns, we introduce a borrowing price schedule into an otherwise standard incomplete markets model. Because interest rates rise with debt, borrowers have increasingly larger incentives to use an additional dollar to reduce debt service payments rather than consume. Using our calibrated model, we then study whether and how this marginal propensity to repay debt (MPRD) alters the aggregate implications of fiscal ...
Staff Reports , Paper 1065

Working Paper
Losing Public Health Insurance: TennCare Disenrollment and Personal Financial Distress
Tello-Trillo, D. Sebastian; Argys, Laura; Friedson, Andrew; Pitts, M. Melinda (2017-08-01)
A main goal of health insurance is to smooth out the financial risk that comes with health shocks and health care. Nevertheless, there has been relatively sparse evidence on how health insurance affects financial outcomes. The few studies that exist focus on the effect of gaining health insurance. This paper explores the effect of losing public health insurance on measures of individual financial well-being. In 2005, the state of Tennessee dropped about 170,000 individuals from Medicaid, resulting in a plausibly exogenous shock to health insurance status. Both across- and within-county ...
FRB Atlanta Working Paper , Paper 2017-6

Discussion Paper
What Might Happen When Student Loan Forbearance Ends?
Chakrabarti, Rajashri; Van der Klaauw, Wilbert; Lu, Jessica (2022-04-21)
Federal student loan relief was recently extended through August 31, 2022, marking the sixth extension during the pandemic. Such debt relief includes the suspension of student loan payments, a waiver of interest, and the stopping of collections activity on defaulted loans. The suspension of student loan payments was expected to help 41 million borrowers save an estimated $5 billion per month. This post is the first in a two-part series exploring the implications and distributional consequences of policies that aim to address the student debt burden. Here, we focus on the uneven consequences ...
Liberty Street Economics , Paper 20220421a

Which Families Are Most Vulnerable to an Income Shock? A Look at Race and Ethnicity
Ricketts, Lowell R.; Boshara, Ray (2020-12-08)
While liquid assets, education and other factors are associated with how economically resilient families may be during a crisis, race and ethnicity are also related.
On the Economy

Report
Personal Bankruptcy Protection and Household Debt
Severino, Felipe; Brown, Meta; Chakrabarti, Rajashri (2024-04-01)
Increasing personal bankruptcy protection raises consumers’ desire to borrow and lenders’ cost of extending credit; the impact on equilibrium borrowing is ambiguous. Using bankruptcy protection changes between 1999 and 2005 across U.S. states, we find that borrowers respond to greater protection by increasing their unsecured debt. Border county estimates suggest that local economic conditions do not drive these results. Borrowers pay more for protection through higher interest rates, yet delinquency is unaffected. Remarkably, our results indicate that rising borrower demand outstripped ...
Staff Reports , Paper 1099

Working Paper
Public Debt, Private Pain: Regional Borrowing, Default, and Migration
Gordon, Grey; Guerrón-Quintana, Pablo (2021-07-30)
Working Paper , Paper 21-13

Discussion Paper
Some Options for Addressing Puerto Rico’s Fiscal Problems
Clark, Hunter L.; Haughwout, Andrew F.; Orr, James A. (2015-11-03)
Puerto Rico’s economic and fiscal challenges have been an important focus of work done here at the New York Fed, resulting in two reports (2012 and 2014), several blog posts and one paper in our Current Issues series in just the last few years. As the Commonwealth’s problems have deepened, the Obama administration and Congress have begun discussing potential approaches to addressing them. In this post, we update our previous estimates of Puerto Rico’s outstanding debt and discuss the effect that various forms of bankruptcy protection might have on the Commonwealth.
Liberty Street Economics , Paper 20151103

Journal Article
On the record: Texas students often lack skills, financial knowledge for college success
Weiss, Michael (2014-04)
Jeff Webster is assistant vice president for research and analytical services for TG (Texas Guaranteed Student Loan Corp.), a nonprofit that promotes educational access and administers the Federal Family Education Loan Program. He has studied student loan default, debt burden and student retention.
Southwest Economy , Issue Q2 , Pages 8-9

Journal Article
When Nations Don't Pay Their Debts
Sablik, Timothy (2018-07)
Features article: When Nations Don't Pay Their Debts: What happens when countries can't or won't repay
Econ Focus , Issue 3Q , Pages 11-14

Discussion Paper
Just Released: A Look at Borrowing, Repayment, and Bankruptcy Rates by Age
Van der Klaauw, Wilbert; Lee, Donghoon; Scally, Joelle; Haughwout, Andrew F. (2018-11-16)
Household debt balances increased in the third quarter of 2018, a seventeenth consecutive increase. Total debt balances reached $13.51 trillion, a level more than 20 percent above the trough reached in 2013, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. With today’s report we begin publishing a new set of charts that depict debt and repayment outcomes by the age of the borrower. The report and this analysis are based on the New York Fed Consumer Credit Panel (CCP), a 5 percent sample of anonymized Equifax ...
Liberty Street Economics , Paper 20181116b

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