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Journal Article
Improving survey measures of household inflation expectations
Topa, Giorgio; Potter, Simon M.; Bruine de Bruin, Wändi; Rich, Robert W.; Van der Klaauw, Wilbert (2010-08)
Expectations about future inflation are generally thought to play an important role in households' decisions about spending and saving. They are also of great interest to central bankers, who take them into account when determining policy or assessing the effectiveness of communications with the public. To help improve existing survey measures of inflation expectations, the Federal Reserve Bank of New York recently joined with other institutions and academic consultants to develop a set of survey questions that will yield more reliable information on households' inflation expectations, ...
Current Issues in Economics and Finance , Volume 16 , Issue Aug/Sep

Working Paper
Nominal mortgage contracts and the effects of inflation on portfolio allocation
Nichols, Joseph B. (2007)
Households who wish to extract home equity through refinancing their mortgage face a hidden transaction cost. The real value of the fixed nominal mortgage payment declines over time with inflation. The change in the real value of the mortgage payments from taking on a new mortgage is positive and an increasing function of inflation; higher inflation thus discourages households from re-balancing their portfolio as frequently as they would otherwise. The life cycle model developed in this paper demonstrates how the share of total wealth held in housing is sensitive to the rate of inflation, ...
Finance and Economics Discussion Series , Paper 2007-67

Journal Article
Changes in U.S. family finances from 2004 to 2007: evidence from the Survey of Consumer Finances
Mach, Traci L.; Kennickell, Arthur B.; Bucks, Brian K.; Moore, Kevin B. (2009)
The Federal Reserve Board's Survey of Consumer Finances for 2007 provides insights into changes in family income and net worth since the 2004 survey. The survey shows that, over the 2004-07 period, the median value of real (inflation-adjusted) family income before taxes was little changed, while mean income climbed 8.5 percent. Unlike family income over this period, both median and mean net worth increased; the median rose 17.7 percent, and the mean rose 13.0 percent. This article reviews these and other changes in the financial condition of U.S. families, including developments in assets, ...
Federal Reserve Bulletin , Volume 95 , Issue 2

Speech
How goes the recovery? Challenges for the nation, the region and the Fed
Dudley, William (2010)
Remarks at the University of Rochester, Rochester, New York.
Speech , Paper 36

Speech
Improving survey measures of inflation expectations
Potter, Simon M. (2011)
Remarks at Forecasters Club of New York, New York City.>
Speech , Paper 49

Journal Article
Property debt burdens
Motika, Meryl; Doms, Mark (2006)
With households' property debt surging, the use of adjustable-rate mortgages increasing, and interest rates rising, some observers have raised concerns about households' ability to service that debt. To gain a better idea of the distribution of property debt burdens and how it has changed over time, this Economic Letter presents data from the Survey of Consumer Finances (SCF), which contains information on different types of property debt, debt service, and income. The SCF data show that property debt burdens in 2004 were only slightly higher than they were in the mid-1990s. Also, although ...
FRBSF Economic Letter

Speech
The economy and challenges in retirement savings : a speech at the Financial Executives International Baltimore Chapter, Baltimore, Maryland, January 18, 2005
Bies, Susan Schmidt (2005)
Speech , Paper 71

Journal Article
Understanding house-price dynamics
Nakajima, Makoto (2011-04)
For most homeowners, housing is the single most important component of their nonpension wealth. Therefore, a change in house prices greatly affects the total wealth of many households. Furthermore, movements in house prices can affect people?s lives indirectly. For example, the surge in the number of mortgage defaults and foreclosures during the recent recession was triggered in part by a drop in house prices, and this surge damaged the health of the financial institutions that either directly or indirectly owned mortgage loans. In turn, the deteriorating health of the financial sector was ...
Business Review , Issue Q2 , Pages 20-28

Working Paper
Credit, housing collateral and consumption: evidence from the UK, Japan and the US
Murphy, Anthony; Aron, Janine; Duca, John V.; Murata, Keiko; Muellbauer, John N. (2010)
The consumption behaviour of U.K., U.S. and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral and other credit effects. These models therefore capture important parts of the financial accelerator. The evidence is that credit availability for U.K. and U.S. but not Japanese households has undergone large shifts since 1980. The average consumption-to-income ratio shifted up in the U.K. and U.S. as mortgage downpayment constraints eased and as the ...
Working Papers , Paper 1002

Speech
The economy and the Household Debt and Credit Report
McAndrews, James J. (2013)
Remarks at the Household Debt and Credit Press Briefing, New York City.
Speech , Paper 97

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