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Keywords:households 

Working Paper
Bank Size and Household Financial Sentiment: Surprising Evidence from the University of Michigan Surveys of Consumers

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

Speech
Panel Remarks: The Fed and Main Street during the Coronavirus Pandemic

Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Journal Article
Do Households Expect Inflation When Commodities Surge?

Household surveys indicate that consumers expect higher inflation this year than in recent years, as the U.S. economy rebounds from the deep recession. This has coincided with a surge in commodity prices, as strong demand for goods like gas, food, and construction materials is catching producers with low supplies. Evidence suggests that households respond to commodity price increases by raising their expectations of future inflation. However, since surges in commodity prices are transitory, their effects on inflation expectations—particularly long-term expectations—are modest and ...
FRBSF Economic Letter , Volume 2021 , Issue 18 , Pages 06

Journal Article
How Much Did the CARES Act Help Households Stay Afloat?

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

Speech
The Economic Recovery: Are We There Yet?

Remarks at Women in Housing and Finance 2021 Annual Symposium (delivered via videoconference).
Speech

Briefing
How Couples Approach Portfolio Allocation

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

Journal Article
The Geography of Subprime Credit

Improving the financial lives of the people living in neighborhoods with large concentrations of lowcredit-scored households1 requires an understanding of the socioeconomic and financial challenges of those places. In this study, we identify such neighborhoods and analyze their socioeconomic and financial attributes, focusing on Illinois, Indiana, Iowa, Michigan, and Wisconsin (the five states served by the Federal Reserve Bank of Chicago). We find geographic patterns in the locations of subprime-scored households, in particular that these households are more highly concentrated in urban ...
Profitwise , Issue 6 , Pages 1-11

Discussion Paper
Consumers Expect Modest Increase in Spending Growth and Continued Government Support

The New York Fed’s Center for Microeconomic Data released results today from its August 2020 SCE Household Spending Survey and SCE Public Policy Survey. The former provides information on consumers' experiences and expectations regarding household spending, while the latter provides information on consumers' expectations regarding future changes for a wide range of fiscal and social policies and the potential impact of these changes on their households. These data have been collected every four months since December 2014 for the SCE Household Spending Survey and October 2015 for the SCE ...
Liberty Street Economics , Paper 20200928b

Briefing
How Does Family Structure during Childhood Affect College Preparedness and Completion?

From 1996 through 2015, the share of twenty-eight-year-olds in the United States who attended college grew 8 percentage points while the share who completed college also grew 8 percentage points. But college attainment trends varied significantly by family structure. In particular, completion grew much faster for children from "high-resource" households (two parents with at least one holding a four-year degree) compared with children from "low-resource" households (one parent and no degree). New research suggests that this attainment gap expanded because high-resource households increased ...
Richmond Fed Economic Brief , Issue February

Working Paper
Inflation at the Household Level

We use scanner data to estimate inflation rates at the household level. Households' inflation rates have an annual interquartile range of 6.2 to 9.0 percentage points. Most of the heterogeneity comes not from variation in broadly defined consumption bundles but from variation in prices paid for the same types of goods. Lower-income households experience higher inflation, but most cross-sectional variation is uncorrelated with observables. Households' deviations from aggregate inflation exhibit only slightly negative serial correlation. Almost all variability in a household's inflation rate ...
Working Paper Series , Paper WP-2017-13

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