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Discussion Paper
Inequality in U.S. Homeownership Rates by Race and Ethnicity
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert (2020-07-08)
Homeownership has historically been an important means for Americans to accumulate wealth—in fact, at more than $15 trillion, housing equity accounts for 16 percent of total U.S. household wealth. Consequently, the U.S. homeownership cycle has triggered large swings in Americans’ net worth over the past twenty-five years. However, the nature of those swings has varied significantly by race and ethnicity, with different demographic groups tracing distinct trajectories through the housing boom, the foreclosure crisis, and the subsequent recovery. Here, we look into the dynamics underlying ...
Liberty Street Economics , Paper 20200708a

Working Paper
The influence of gender and income on the household division of financial responsibility
Hitczenko, Marcin (2016-10-17)
This paper studies how gender and income dynamics influence the division of responsibility in two-adult households for various activities, including those tasks directly related to financial decisionmaking. The data, from the 2012 Survey of Consumer Payment Choice, consist of the respondents? categorical self-assessments of their individual levels of responsibility for various tasks. A data construct, in which some households have both adults participate in the survey, is exploited to develop a penalized latent variable model that accounts for systemic response errors. The data reveal that ...
Working Papers , Paper 16-20

Discussion Paper
Just Released: Cleaning Up Collections
Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert; Lee, Donghoon (2018-08-14)
Household debt balances continued their upward trend in the second quarter, with increases in mortgage, auto, and credit card balances, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed?s Center for Microeconomic Data. Student loans were roughly flat, a typical seasonal pattern in the second quarter. The Quarterly Report contains summaries of the types of information that is covered in credit reports, sourced from the New York Fed Consumer Credit Panel (CCP). The CCP is based on anonymized Equifax credit reports and is the source for the analysis ...
Liberty Street Economics , Paper 20180814

Working Paper
Personal Tax Changes and Financial Well-being: Evidence from the Tax Cuts and Jobs Act
Dobridge, Christine L.; Hsu, Joanne W.; Zabek, Mike (2024-05-14)
We estimate the effects of personal income tax decreases on financial well-being, including qualitative subjective assessments and quantitative measures. A plausibly causal design shows that tax decreases in the Tax Cuts and Jobs Act made survey respondents more likely to say they were "living comfortably" financially, with null effects at lower levels of subjective financial well-being. Estimates from a similar design using credit bureau data show that people who had larger tax decreases were modestly more likely to open new accounts, and more likely to have higher consumer credit balances. ...
Finance and Economics Discussion Series , Paper 2024-029

Discussion Paper
A Better Measure of First-Time Homebuyers
Lee, Donghoon; Tracy, Joseph (2019-04-08)
Much of the concern about affordable homeownership has focused on first-time buyers. These buyers, who are often making the transition from renting to owning, can find it difficult to save to meet down-payment requirements; this is particularly true in those areas where rent takes up a significant portion of a household's monthly income. In contrast to first-time buyers, repeat buyers can typically rely on the equity in their current house to help fund the down payment on a trade-up purchase; they also have an easier time qualifying for a new mortgage if they've successfully made payments on ...
Liberty Street Economics , Paper 20190408

Discussion Paper
Consumer Credit Card Payment Deferrals During the COVID-19 Pandemic
Wilshusen, Stephanie M. (2022-02-08)
In response to the economic hardships stemming from COVID-19, many U.S. card-issuing banks offered measures to assist their customers who were financially affected by the pandemic. Unlike previous disaster assistance programs that were typically short in duration and localized, the COVID-19 pandemic affected millions of consumers across the country for a protracted period of time and required application of broad-based relief measures. These measures, along with federal and state stimulus and benefit payments, provided some stability to many consumers’ financial circumstances during ...
Consumer Finance Institute discussion papers

Report
Disaster (over-)insurance: the long-term financial and socioeconomic consequences of Hurricane Katrina
Bleemer, Zachary; Van der Klaauw, Wilbert (2017-02-01)
Federal disaster insurance?in the form of national flood insurance, the Federal Emergency Management Agency (FEMA), and other programs?is designed to nationally-distribute large geography-specific shocks like earthquakes and hurricanes. This study examines the local longrun net impact of Hurricane Katrina and the subsequent policy response on impacted residents. Using a unique fifteen-year panel of five percent of adult Americans? credit reports, we find higher rates of insolvency and lower homeownership among inundated residents of New Orleans ten years after the storm, relative to their ...
Staff Reports , Paper 807

Discussion Paper
Mortgage Rates Decline and (Prime) Households Take Advantage
Lee, Donghoon; Scally, Joelle; Haughwout, Andrew F.; Van der Klaauw, Wilbert (2021-02-17)
Today, the New York Fed’s Center for Microeconomic Data reported that household debt balances increased by $206 billion in the fourth quarter of 2020, marking a $414 billion increase since the end of 2019. But the COVID pandemic and ensuing recession have marked an end to the dynamics in household borrowing that have characterized the expansion since the Great Recession, which included robust growth in auto and student loans, while mortgage and credit card balances grew more slowly. As the pandemic took hold, these dynamics were altered. One shift in 2020 was a larger bump up in mortgage ...
Liberty Street Economics , Paper 20210217b

Discussion Paper
Just Released: Press Briefing on Student Loan Borrowing and Repayment Trends, 2015
Van der Klaauw, Wilbert; Haughwout, Andrew F.; Scally, Joelle; Lee, Donghoon (2015-04-16)
This morning, Jamie McAndrews, the Director of Research at the Federal Reserve Bank of New York, spoke to the press about the economic recovery, and his speech was followed by a special briefing by New York Fed economists on student loans. Here, we provide a short summary of the student loan briefing.
Liberty Street Economics , Paper 20150416

Working Paper
How important is variability in consumer credit limits?
Fulford, Scott L. (2010-06-01)
Credit limit variability is a crucial aspect of the consumption, savings, and debt decisions of households in the United States. Using a large panel, this paper first demonstrates that individuals gain and lose access to credit frequently and often have their credit limits reduced unexpectedly. Credit limit volatility is larger than most estimates of income volatility and varies over the business cycle. While typical models of intertemporal consumption fix the credit limit, I introduce a model with variable credit limits. Variable credit limits create a reason for households to hold both high ...
Working Papers , Paper 14-8

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