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The monetary policy outlook and the importance of higher education for economic mobility: remarks at the Council for Economic Education’s 56th Annual Financial Literacy & Economic Education Conference, New York City
Remarks at the Council for Economic Education?s 56th Annual Financial Literacy & Economic Education Conference, New York City.
Benjamin Franklin Birthday Celebration
Barriers to economic mobility prevent many low-income children from reaching their potential, Federal Reserve Bank of Philadelphia President Patrick T. Harker said today in remarks delivered at the Ben Franklin Birthday Celebration. President Harker said that understanding these barriers is integral to fostering growth across demographics
The Decline in Access to Jobs and the Location of Employment Growth in US Metro Areas: Implications for Economic Opportunity and Mobility
Job access, defined as the number or share of jobs found within a fixed distance or travel time from a worker’s residence, is an important indicator of economic opportunity and mobility. Access to jobs has been associated with positive individual economic outcomes for low-income minority workers.1 By contrast, low rates of job access have been linked to longer unemployment spells and lower rates of generational economic mobility.2Increasing job accessibility has been found to significantly decrease the duration of joblessness among lower-income displaced workers, especially for African ...
Remarks at the Economic Press Briefing on the Regional Economy, Federal Reserve Bank of New York, New York City
Remarks at the Economic Press Briefing on the Regional Economy, Federal Reserve Bank of New York, New York City.
New Data on Wealth Mobility and Their Impact on Models of Inequality
Using data on families? wealth over time, we calculate changes in relative wealth mobility; that is, how likely families are to move up or down the wealth distribution, relative to one another. We find families have become less likely to change their position in the wealth distribution over time, and those that do move are less likely to go very far. We also look at the savings behaviors that are associated with more mobile families and find that families that make large movements through the wealth distribution appear to be more likely to own some form of a risky asset.
Credit, Income and Inequality
Analyzing unique data on loan applications by individuals who are majority owners of small firms, we detail how a bank’s credit decisions affect their future income. We use the bank’s cutoff rule, which is based on the applicants’ credit scores, as the discontinuous locus providing exogenous variation in the decision to grant loans. We show that application acceptance increases recipients’ income five years later by more than 10 percent compared to denied applicants. This effect is mostly driven by the use of borrowed funds to undertake investments, and is stronger when individuals ...
Opening remarks on higher education: financing, costs, and returns: remarks at the Conference on Higher Education Financing and Costs and Returns of Higher Education, Federal Reserve Bank of New York, New York City
Remarks at the Conference on Higher Education Financing and Costs and Returns of Higher Education, Federal Reserve Bank of New York, New York City.
Anchor Institution Strategies in the Southeast: Working with Hospitals and Universities to Support Inclusive Growth
Engaging universities and hospitals to address economic disparities—often referred to as anchor institution strategies—has been understudied in the Southeast. The author examines efforts to launch anchor institution strategies in the Southeast. First, the author reviews the anchor institution concept in economic development, noting how the strategy has evolved from single institutions focusing on a set of neighborhoods to expanding to multi-institution collaboratives that attempt to tackle economic inequalities at a city or regional level. Second, the author offers case studies of New ...