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Working Paper
For Better and for Worse? Effects of Access to High-Cost Consumer Credit
Dobridge, Christine L. (2016-07)
I provide empirical evidence that the effect of high-cost credit access on household material well-being depends on if a household is experiencing temporary financial distress. Using detailed data on household consumption and location, as well as geographic variation in access to high cost payday loans over time, I find that payday credit access improves wellbeing for households in distress by helping them smooth consumption. In periods of temporary financial distress?after extreme weather events like hurricanes and blizzards?I find that payday loan access mitigates declines in spending on ...
Finance and Economics Discussion Series , Paper 2016-056

Working Paper
Household Mortgage Refinancing Decisions Are Neighbor Influenced
McCartney, W. Ben; Shah, Avni (2021-04-30)
Can social influence effects help explain regional heterogeneity in refinancing activity? Neighborhood social influence effects have been shown to affect publicly observable decisions, but their role in private decisions, like refinancing, remains unclear. Using precisely geolocated data and a nearest-neighbor research design, we find that households are 7% more likely to refinance if a neighbor within 50 meters has recently refinanced. Consistent with a word-of-mouth mechanism, social influence effects are weaker when neighbors are farther away and non existent for non-occupants. Our results ...
Working Papers , Paper 21-16

Report
President's Message: The St. Louis Fed's New Center for Household Financial Stability
Bullard, James B. (2012)
President James Bullard announces the St. Louis Fed's new Center for Household Financial Stability. This year's annual report features some of the Center's research.
Annual Report

Discussion Paper
Delinquency Is Increasingly in the Cards for Maxed‑Out Borrowers
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Scally, Joelle; Van der Klaauw, Wilbert; Wang, Crystal (2024-05-14)
This morning, the New York Fed’s Center for Microeconomic Data released the Quarterly Report on Household Debt and Credit for the first quarter of 2024. Household debt balances grew by $184 billion over the previous quarter, slightly less than the moderate growth seen in the fourth quarter of 2023. Housing debt balances grew by $206 billion. Auto loans saw a $9 billion increase, continuing their steady growth since the second quarter of 2020, while balances on other non-housing debts fell. Credit card balances fell by $14 billion, which is typical for the first quarter. However, an ...
Liberty Street Economics , Paper 20240514

Working Paper
Intergenerational Linkages in Household Credit
Kudlyak, Marianna; Ghent, Andra C. (2015-11-05)
We document economically important correlations between children?s future credit outcomes and their parents? credit risk scores, default, and the extent of credit constraints ? intergenerational linkages in household credit. Using observations on siblings, we find that the linkages are due to unobserved household heterogeneity rather than parental credit conditions directly affecting children?s credit outcomes. In particular, in the sample of siblings, there is no correlation between parental and child credit attributes after controlling for household fixed effects. The linkages are stronger ...
Working Paper , Paper 15-14

Speech
Presentation by Andrew F. Haughwout at the Greater Valley Chamber of Commerce
Haughwout, Andrew F. (2024-03-05)
Presentation on the economic outlook delivered by Andrew F. Haughwout, Director of Household and Public Policy Research at the Federal Reserve Bank of New York. This presentation was delivered at the Greater Valley Chamber of Commerce Economic Outlook 2024 meeting in Shelton, Connecticut.
Speech

Journal Article
New perspectives on consumer behavior in credit and payments markets
Berlin, Mitchell (2014)
Mitchell Berlin summarizes new research on household finance presented at a joint conference sponsored by the Federal Reserve Bank of Philadelphia's Research Department and Payment Cards Center.
Business Review , Issue 1 , Pages 25-30

Working Paper
Paying Too Much? Price Dispersion in the U.S. Mortgage Market
Bhutta, Neil; Fuster, Andreas; Hizmo, Aurel (2020-08-21)
We document wide dispersion in the mortgage rates that households pay on identical loans, and show that borrowers' financial sophistication is an important determinant of the rates obtained. We estimate a gap between the 10th and 90th percentile mortgage rate that borrowers with the same characteristics obtain for identical loans, in the same market, on the same day, of 54 basis points|equivalent to about $6,500 in upfront costs (points) for the average loan. Time-invariant lender attributes explain little of this rate dispersion, and considerable dispersion remains even within loan officer. ...
Finance and Economics Discussion Series , Paper 2020-062

Working Paper
Owner-Occupancy Fraud and Mortgage Performance
Elul, Ronel; Payne, Aaron; Tilson, Sebastian (2023-01-31)
We identify occupancy fraud — borrowers who misrepresent their occupancy status as owner-occupants rather than investors — in residential mortgage originations. Unlike previous work, we show that fraud was prevalent in originations not just during the housing bubble, but also persists through more recent times. We also demonstrate that fraud is broad-based and appears in government-sponsored enterprise and bank portfolio loans, not just in private securitization; these fraudulent borrowers make up one-third of the effective investor population. Occupancy fraud allows riskier borrowers to ...
Working Papers , Paper 23-01

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