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Working Paper
Implications of Student Loan COVID-19 Pandemic Relief Measures for Families with Children
Isen, Adam; Goodman, Sarena; Mezza, Alvaro; Hannon, Simona (2023-05-05)
The initial years of the COVID-19 pandemic and the resulting economic fallout likely posed particular financial strain on U.S. households with children, who faced income disruptions from widespread jobs and hours cuts in addition to new childcare and instruction demands. One common expense for many such households is their student loan payment. The Coronavirus Aid, Relief, and Economic Security (CARES) Act included provisions to curb the impacts of these payments, which have been extended several times. These measures were not targeted and thus applied independent of need. This chapter ...
Finance and Economics Discussion Series , Paper 2023-025

Working Paper
Debt collection agencies and the supply of consumer credit
Fedaseyeu, Viktar (2015-06-19)
Supersedes Working Paper 13-38/R. The activities of third-party debt collectors affect millions of borrowers. However, relatively little is known about their impact on consumer credit. To study this issue, I investigate whether state debt collection laws affect the ability of third-party debt collectors to recover delinquent debts and if this, in turn, affects the amount of credit being provided. This paper constructs, from state statutes and session laws, a state-level index of debt collection restrictions and uses changes in this index over time to estimate the impact of debt collection ...
Working Papers , Paper 15-23

Working Paper
Medical Expenses and Saving in Retirement: The Case of U.S. and Sweden
Nakajima, Makoto; Telyukova, Irina A. (2018-04-10)
Many U.S. households have significant wealth late in life, contrary to the predictions of a simple life-cycle model. In this paper, we document stark differences between U.S. and Sweden regarding out-of-pocket medical and long-term-care expenses late in life, and use them to investigate their role in discouraging the elderly from dissaving. Using a consumption-saving model in retirement with significant uninsurable expense risk, we find that medical expense risk accounts for a quarter of the U.S.-Sweden difference in retirees' dissaving patterns. Furthermore, medical expense risk affects ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 8

Working Paper
Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances
Fessler, Pirmin; Hsu, Joanne W.; http://fedora:8080/fcrepo/rest/objects/authors/; http://fedora:8080/fcrepo/rest/objects/authors/ (2020-01-16)
We employ recent Survey of Consumer Finances (SCF) microdata from the US to analyze the impacts of confidence in one’s own financial knowledge, confidence in the economy, and objective financial literacy on investment in risky financial assets (equity and bonds) on both the extensive and intensive margins. Controlling for a rich set of covariates including risk aversion, we find that objective financial literacy is positively related to investment in risky assets as well as debt securities. Moreover, confidence in own financial skills additionally increases the probability of holding risky ...
Finance and Economics Discussion Series , Paper 2020-004

Working Paper
Does it Pay to Send Multiple Pre-Paid Incentives? Evidence from a Randomized Experiment
Ma, Eva; Hsu, Joanne W.; Sjoblom, Micah; Chang, Andrew C.; Bachtell, Kate (2024-04-19)
To encourage survey participation and improve sample representativeness, the Survey of Consumer Finances (SCF) offers an unconditional pre-paid monetary incentive and separate post-paid incentive upon survey completion. We conducted a pre-registered between-subject randomized control experiment within the 2022 SCF, with at least 1,200 households per experimental group, to examine whether changing the pre-paid incentive structure affects survey outcomes. We assess the effects of: (1) altering the total dollar value of the pre-paid incentive (“incentive effect”), (2) giving two identical ...
Finance and Economics Discussion Series , Paper 2024-023

Working Paper
Debt collection agencies and the supply of consumer credit
Fedaseyeu, Viktar (2013)
Superseded by Working Paper 15-23 I examine contract enforcement in consumer credit markets by studying the role of third-party debt collectors. In order to identify the effect of debt collectors on credit supply, I construct a state-level index of the tightness of debt collection laws. I find that stricter regulations of third-party debt collectors are associated with a lower number of third-party debt collectors per capita and with fewer openings of revolving lines of credit. One additional restriction on debt collection activity reduces the number of debt collectors per capita by 15.9% of ...
Working Papers , Paper 13-38

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