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Keywords:income inequality 

Discussion Paper
Why New York City Subway Delays Don't Affect All Riders Equally

The state of the New York City subway system has worsened considerably over the past few years. As a consequence of rising ridership and decaying infrastructure, the network is plagued by delays and frequently fails to deliver New Yorkers to their destinations on time. While these delays are a headache for anyone who depends on the subway to get around, they do not affect all riders in the same way. In this post, we explain why subway delays disproportionately affect low-income New Yorkers. We show that wealthier commuters who rely on the subway are less likely to experience extensive issues ...
Liberty Street Economics , Paper 20180627

Report
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 ...
Staff Reports , Paper 929

Working Paper
Cyclical Labor Income Risk

We investigate cyclicality of variance and skewness of household labor income risk using PSID data. There are five main findings. First, we find that head?s labor income exhibits countercyclical variance and procyclical skewness. Second, the cyclicality of hourly wages is muted, suggesting that head?s labor income risk is mainly coming from the volatility of hours. Third, younger households face stronger cyclicality of income volatility than older ones, although the level of volatility is lower for the younger ones. Fourth, while a second earner helps lower the level of skewness, it does not ...
Working Papers , Paper 19-34

Speech
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.
Speech , Paper 252

Speech
The outlook for the U.S. economy in 2018 and beyond: remarks at the Securities Industry and Financial Markets Association, New York City

Remarks at the Securities Industry and Financial Markets Association, New York City.
Speech , Paper 271

Speech
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.
Speech , Paper 266

Working Paper
The Rise and Fall of Consumption in the 2000s

U.S. consumption has gone through steep ups and downs since the turn of the millennium, but the causes of these fluctuations are still imperfectly identified. We quantify the relative impact on consumption growth of income, unemployment, house prices, credit scores, debt, expectations, foreclosures, inequality, and refinancings for four subperiods: the ?dot-com recession? (2001-2003), the ?subprime boom? (2004-2006), the Great Recession (2007-2009), and the ?tepid recovery? (2010-2012). We document that the explanatory power of different factors varies by subperiods, implying that a ...
Working Papers (Old Series) , Paper 1507

Working Paper
Levels and trends in the income mobility of U.S. families, 1977−2012

Much of America?s promise is predicated on economic mobility?the possibility that people can move up and down the economic ladder during their lifetimes. Mobility is of particular consequence when economic disparities are increasing. Using panel data and mobility concepts and measures adapted from the literature, this paper examines 10-year income mobility levels and trends for U.S. working-age families during the time span 1977?2012. According to many measures, mobility, already limited in the 1978?1988 decade, declined over ensuing decades: families? later-year incomes increasingly depended ...
Working Papers , Paper 16-8

Journal Article
Historical Patterns around Financial Crises

Long-run historical data for advanced economies provide evidence to help policymakers understand specific conditions that typically lead up to financial crises. Recent research finds that rapid growth in the top income share and prolonged low labor productivity growth are robust predictors of crises. Moreover, if crises are preceded by these developments, then the subsequent recoveries are slower. This recent empirical evidence suggests that financial crises are not simply random events but are typically preceded by a prolonged buildup of macrofinancial imbalances.
FRBSF Economic Letter , Volume 2020 , Issue 10 , Pages 05

Taking a Closer Look at Marital Status and the Earnings Gap

Research suggests that married men’s higher income account for a significant portion of the U.S. gender earnings gap. Does this also hold when race is considered?
On the Economy

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