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Journal Article
Pandemic-Era Liquid Wealth Is Running Dry
Abdelrahman, Hamza; Oliveira, Luiz E.; Shapiro, Adam Hale (2024-08-12)
Households accumulated more liquid assets beginning in 2020 than would have been expected without the pandemic. These “extra” liquid assets have dissipated, but their evolution has differed significantly by income group. While middle- and lower-income households hold substantially less liquid wealth than implied by pre-pandemic projections, the level for higher-income households remains close to its pre-pandemic path. Over the same period, credit card delinquency rates initially dropped and, more recently, have steadily risen as pandemic-era liquid wealth was depleted, especially for ...
FRBSF Economic Letter , Volume 2024 , Issue 21 , Pages 6

Journal Article
Inflation Uncertainty among Eighth District Households
Chiang, Yu-Ting; Dueholm, Mick (2024-03-28)
Survey data suggest that uncertainty about future inflation among Eighth District households rose during periods of significant change in monetary policy.
The Regional Economist

Discussion Paper
The Disproportionate Effects of COVID-19 on Households with Children
Armantier, Olivier; Koşar, Gizem; Van der Klaauw, Wilbert; Pomerantz, Rachel (2020-08-13)
A growing body of evidence points to large negative economic and health impacts of the COVID-19 pandemic on low-income, Black, and Hispanic Americans (see this LSE post and reports by Pew Research and Harvard). Beyond the consequences of school cancellations and lost social interactions, there exists considerable concern about the long-lasting effects of economic hardship on children. In this post, we assess the extent of the underlying economic and financial strain faced by households with children living at home, using newly collected data from the monthly Survey of Consumer Expectations ...
Liberty Street Economics , Paper 20200813

Discussion Paper
(Unmet) Credit Demand of American Households
Livingston, Max; Van der Klaauw, Wilbert; Zafar, Basit (2013-11-06)
One of the direct effects of the 2008 financial crisis on U.S. households was a sharp tightening of credit. Households that had previously been able to borrow relatively freely through credit cards, home equity loans, or personal loans suddenly found those lines closed off—just when they needed them the most. In recent months, aggregate statistics such as the Federal Reserve’s Consumer Credit series and the Senior Loan Officer Opinion Survey have shown a gradual improvement in consumer credit. The former series is an indicator of interaction of credit supply and demand, while the latter ...
Liberty Street Economics , Paper 20131106

Working Paper
Bank Size and Household Financial Sentiment: Surprising Evidence from the University of Michigan Surveys of Consumers
Roman, Raluca; Irresberger, Felix; Berger, Allen N. (2019-01-14)
We analyze comparative advantages/disadvantages of small and large banks in improving household sentiment regarding financial conditions. We match sentiment data from the University Of Michigan Surveys Of Consumers with local banking market data from 2000 to 2014. Surprisingly, the evidence suggests that large rather than small banks have significant comparative advantages in boosting household sentiment. Findings are robust to instrumental variables and other econometric methods. Additional analyses are consistent with both scale economies and the superior safety of large banks as channels ...
Working Papers , Paper 19-4

Journal Article
The current state of U.S. household balance sheets
Smith, Paul A.; Sabelhaus, John Edward; Moore, Kevin B.; Krimmel, Jacob (2013-09)
The Board of Governors of the Federal Reserve System is responsible for two of the most widely used datasets containing information about U.S. household balance sheets: the quarterly macro-level Financial Accounts of the United States (FA, formerly known as the Flow of Funds Accounts) and the triennial microlevel Survey of Consumer Finances (SCF). The FA is very timely, but the data can be used only to describe the household sector as a whole. The SCF provides the micro-level detail needed to capture heterogeneity in household finances, but the data are available only with a long lag. The ...
Review , Issue Sep , Pages 337-359

Journal Article
How Much Did the CARES Act Help Households Stay Afloat?
Teng, Gladys; Oliveira, Luiz E.; Aylward, James; Laderman, Elizabeth (2021-07-06)
Widespread job losses starting in mid-March last year forced many households to rely more heavily on nonemployment income and liquid assets on hand to continue buying what they needed. Federal assistance through the Coronavirus Aid, Relief, and Economic Security Act helped boost household resilience—the ability to sustain consumption despite the loss of employment income. Data suggest that the aid increased household resilience by 15 weeks, chiefly through enhanced unemployment insurance benefits. Among racial groups, this benefited Black and Hispanic households the most, raising median ...
FRBSF Economic Letter , Volume 2021 , Issue 18 , Pages 06

Discussion Paper
Which Households Have Negative Wealth?
Armantier, Olivier; De Giorgi, Giacomo; Armona, Luis; Van der Klaauw, Wilbert (2016-08-01)
At some point in its life a household’s total debt may exceed its total assets, in which case it has “negative wealth.” Even if this status is temporary, it may affect the household’s ability to save for durable goods, restrict access to further credit, and may require living in a state of limited consumption. Detailed analysis of the holdings of negative-wealth households, however, is a topic that has received little attention. In particular, relatively little is known about the characteristics of such households or about what drives negative wealth. A better understanding of these ...
Liberty Street Economics , Paper 20160801

Working Paper
Retail CBDC and U.S. Monetary Policy Implementation: A Stylized Balance Sheet Analysis
Malloy, Matthew; Martinez, Francis; Styczynski, Mary-Frances; Thorp, Alex (2022-05-31)
This paper discusses how a Federal Reserve issued retail central bank digital currency (CBDC) could affect U.S. monetary policy implementation. Using a stylized balance sheet analysis, we analyze the effect a retail CBDC could have on the balance sheets of the Federal Reserve, commercial banks, and U.S. households. Then we consider how these balance sheet changes could affect monetary policy implementation for the Federal Reserve. We illustrate that the potential effects on monetary policy implementation from a retail CBDC are highly dependent on the initial conditions of the Federal ...
Finance and Economics Discussion Series , Paper 2022-032

Briefing
How Couples Approach Portfolio Allocation
Lazaryan, Nika; Neelakantan, Urvi; Fessenden, Helen (2017-02)
The classical theory of household portfolio allocation finds that the share of household wealth invested in risky assets is independent of the level of household wealth. However, this prediction is at odds with empirical observations. This Economic Brief presents findings that reconcile the two. A model in which a household's portfolio allocation reflects the preferences of both spouses, adjusted for the bargaining power of each spouse, predicts that the wealthier a household becomes, the greater the share of its wealth will be invested in risky assets.
Richmond Fed Economic Brief , Issue February

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