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Journal Article
Household wealth: has it recovered?
Gavin, William T. (2013)
Adjusting for inflation, population growth, and a risk-free real interest rate shows there is still a substantial gap between the peak of household wealth in 2007 and the level today.
Economic Synopses

Speech
Panel Remarks: The Fed and Main Street during the Coronavirus Pandemic
Kovner, Anna (2020-04-23)
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Journal Article
How Much Did the CARES Act Help Households Stay Afloat?
Teng, Gladys; Oliveira, Luiz E.; Aylward, James; Laderman, Elizabeth (2021-07-06)
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

Journal Article
When Is Shelter Services Inflation Coming Down?
Jordà, Òscar; Yalcin, Aren S. (2024-09-03)
Shelter costs are one of the largest expenses for most households and an important component of overall inflation. It is therefore important to understand why shelter costs have remained stubbornly high. A key explanation is that, especially since the pandemic, demand for housing has been growing faster than new units have come into the market. Using the gap between the demand for and supply of housing along with other leading indicators of shelter prices can help assess whether shelter inflation will continue on a path toward historically normal levels.
FRBSF Economic Letter , Volume 2024 , Issue 23

Newsletter
Inequality and Recessions
De Nardi, Mariacristina; Amromin, Gene; Schulze, Karl (2018)
The increase in inequality over the past several decades has received widespread attention from both academics and the public at large. While much of this discourse centers on either the causes or normative implications of increasing inequality, it is important to ask whether the widening gap between the rich and poor has any direct effects on macroeconomic aggregates and, in particular, on the severity of the Great Recession, when output and consumption dropped precipitously and were slow to recover (see figure 1).
Chicago Fed Letter

Journal Article
Pandemic-Era Liquid Wealth Is Running Dry
Abdelrahman, Hamza; Oliveira, Luiz E.; Shapiro, Adam Hale (2024-08-12)
Households accumulated more liquid assets beginning in 2020 than would have been expected without the pandemic. These “extra” liquid assets have dissipated, but their evolution has differed significantly by income group. While middle- and lower-income households hold substantially less liquid wealth than implied by pre-pandemic projections, the level for higher-income households remains close to its pre-pandemic path. Over the same period, credit card delinquency rates initially dropped and, more recently, have steadily risen as pandemic-era liquid wealth was depleted, especially for ...
FRBSF Economic Letter , Volume 2024 , Issue 21 , Pages 6

Discussion Paper
Which Households Have Negative Wealth?
Armantier, Olivier; De Giorgi, Giacomo; Armona, Luis; Van der Klaauw, Wilbert (2016-08-01)
At some point in its life a household’s total debt may exceed its total assets, in which case it has “negative wealth.” Even if this status is temporary, it may affect the household’s ability to save for durable goods, restrict access to further credit, and may require living in a state of limited consumption. Detailed analysis of the holdings of negative-wealth households, however, is a topic that has received little attention. In particular, relatively little is known about the characteristics of such households or about what drives negative wealth. A better understanding of these ...
Liberty Street Economics , Paper 20160801

Report
Housing busts and household mobility
Tracy, Joseph; Gyourko, Joseph; Ferreira, Fernando (2008)
Using two decades of American Housing Survey data from 1985 to 2005, we estimate the influence of negative home equity and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility rates over time. The effects are economically large -- mobility is almost 50 percent lower for owners with negative equity in their homes. This finding does not imply that current concerns over defaults and homeowners having to relocate are entirely misplaced. It does indicate that, in the past, the mortgage lock-in effects of these two factors were dominant ...
Staff Reports , Paper 350

Discussion Paper
Just Released: Who's Borrowing Now? The Young and the Riskless!
Lee, Donghoon; Haughwout, Andrew F.; Yun, David; Van der Klaauw, Wilbert (2014-02-18)
According to today’s release of the New York Fed’s 2013:Q4 Household Debt and Credit Report, aggregate consumer debt increased by $241 billion in the fourth quarter, the largest quarter-to-quarter increase since 2007. More importantly, between 2012:Q4 and 2013:Q4, total household debt rose $180 billion, marking the first four-quarter increase in outstanding debt since 2008. As net household borrowing resumes, it is interesting to see who is driving these balance changes, and to compare some of today’s patterns with those of the boom period.
Liberty Street Economics , Paper 20140218b

Briefing
How Couples Approach Portfolio Allocation
Lazaryan, Nika; Neelakantan, Urvi; Fessenden, Helen (2017-02)
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

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