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Working Paper
The Economic Status of People with Disabilities and their Families since the Great Recession
Lofton, Olivia; Valletta, Robert G.; Daly, Mary C.; Bengali, Leila (2021-02-25)
People with disabilities face substantial barriers to sustained employment and stable, adequateincome. We assess how they and their families fared during the long economic expansion thatfollowed the Great Recession of 2007-09, using data from the monthly Current PopulationSurvey (CPS) and the March CPS annual income supplement. We find that the expansionbolstered the well-being of people with disabilities and in particular their relative labor marketengagement. We also find that applications and awards for federal disability benefits fell duringthe expansion. On balance, our results suggest ...
Working Paper Series , Paper 2021-05

Discussion Paper
Racial and Income Gaps in Consumer Spending following COVID-19
Avtar, Ruchi; Chakrabarti, Rajashri; Pinkovskiy, Maxim L.; Topa, Giorgio (2021-05-13)
This post is the first in a two-part series that seeks to understand whether consumer spending patterns during the COVID-19 pandemic evolved differentially across counties by race and income. As the pandemic hit and social distancing restrictions were put into place in March 2020, consumer spending plummeted. Subsequently, as social distancing restrictions began to be relaxed later in spring 2020, consumer spending started to rebound. We find that higher-income counties had a considerably steeper decline and a shallower recovery than low-income counties did. The differences by race were also ...
Liberty Street Economics , Paper 20210513a

Consumption concentration may be up, adding slightly to economic fragility
Hoham, Benjamin; Yang, Fang (2025-11-25)
Analysts have taken notice of the large share of total U.S. spending attributable to the very highest earners. The concerns are that the emergence of K-shaped growth—bifurcated activity at an elevated rate among high earners and much more restrained among most others—may put the U.S. in greater economic peril.
Dallas Fed Economics

Report
Demographics of Wealth 2018, Essay No. 3: The Bigger They Are, The Harder They Fall: The Decline of the White Working Class
Emmons, William R.; Kent, Ana Hernández; Ricketts, Lowell R. (2018-09)
This essay explores the intersection of race, ethnicity and education, which we use as a proxy for class. We examine five measures of well-being between 1989 and 2016, the range spanned by the Federal Reserve's Survey of Consumer Finances.
Community Development Publications and Reports

Journal Article
Determinants of Housing Values and Variations in Home Prices Across Neighborhoods in Cook County
Lee, Jin Man; Toussaint-Comeau, Maude (2018)
From 2007 to 2009, the U.S. underwent one of the worst recessions in its history, a recession triggered by an unprecedented, international financial crisis that resulted from institutional portfolio concentration in securities backed by home mortgages, and the collapse of that securities market. The period saw a wave of defaults and foreclosures that spared almost no communities in metropolitan areas throughout the country (Bajaj and Story, 2008). Loan defaults and foreclosures, which had tended to be concentrated in lower-income and minority neighborhoods, spread to new and diverse ...
Profitwise , Issue 1 , Pages 1-23

Report
The Demographics of Wealth 2018, Essay No. 1: The Financial Returns from College across Generations: Large but Unequal
Emmons, William R.; Kent, Ana Hernández; Ricketts, Lowell R. (2018-02)
This essay explores the connections between a person's level of completed education and measures of his or her family's financial well-being, including income and wealth. For simplicity, we examine two discrete groups—families headed by someone who has completed a four-year college degree or higher ("college grads") and those without a college graduate head ("nongrads"). This essay shows that inherited demographic characteristics significantly influence the expected income and wealth outcomes associated with one's own education. These characteristics include birth year (and hence age at the ...
Community Development Publications and Reports

Working Paper
Health Insurance as an Income Stabilizer
Blascak, Nathan; Roll, Stephen; Grinstein-Weiss, Michal; Gallagher, Emily (2020-01-29)
We evaluate the effect of health insurance on the incidence of negative income shocks using the tax data and survey responses of nearly 14,000 low income households. Us-ing a regression discontinuity (RD) design and variation in the cost of nongroup pri-vate health insurance under the Affordable Care Act, we find that eligibility for sub-sidized Marketplace insurance is associated with a 16% and 9% decline in the rates of unexpected job loss and income loss, respectively. Effects are concentrated among households with past health costs and exist only for “unexpected” forms of earnings ...
Working Papers , Paper 20-05

Working Paper
Seven Economic Facts About the U.S. Racial Wealth Gap
Broady, Kristen; Booth-Bell, Darlene; Griffin, Taylor (2022-07)
Using data from the 2019 Survey of Consumer Finances and the U.S. Census Bureau, along with data and research from other sources, this paper presents seven economic facts about the racial wealth gap in the U.S. We present data on racial disparities in income, employment, homeownership, education, access to credit, and retirement savings – all factors that contribute to a significant and persistent gap in net worth between households of different races and ethnicities, particularly between Black households and White households. While none of the economic factors listed fully explains the ...
Working Paper Series , Paper WP 2022-32

Working Paper
Very long-run discount rates
Giglio, Stefano; Stroebel, Johannes; Maggiori, Matteo (2014-05-01)
We provide direct estimates of how agents trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We exploit a unique feature of housing markets in the U.K. and Singapore, where residential property ownership takes the form of either leaseholds or freeholds. Leaseholds are temporary, pre-paid, and tradable ownership contracts with maturities between 99 and 999 years, while freeholds are perpetual ownership contracts. The difference between leasehold and freehold prices reflects the present value of perpetual rental income starting at ...
Globalization Institute Working Papers , Paper 182

Working Paper
The Decline in Intergenerational Mobility After 1980
Mazumder, Bhashkar; Davis, Jonathan (2022-01-14)
We demonstrate that intergenerational mobility declined sharply for cohorts born between 1957 and 1964 compared to those born between 1942 and 1953. The former entered the labor market largely after the large rise in inequality that occurred around 1980 while the latter entered the labor market before this inflection point. We show that the rank-rank slope rose from 0.27 to 0.4 and the IGE rose from 0.35 to 0.51. The share of children whose income exceeds that of their parents fell by about 3 percentage points. These findings suggest that relative mobility fell by substantially more than ...
Working Paper Series , Paper WP-2017-5

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