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Keywords:racial disparities 

From Gaps to Growth: Equity as a Path to Prosperity

Presentation to UCLA Anderson Forecast Webinar, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, September 29, 2021

Discussion Paper
Racial Disparities in the Labor Market

Current research tells us that racial gaps in wages, employment, and labor participation have widened over recent decades. Many factors contribute to these disparities, including difficult to measure dynamics like discrimination, criminal conviction history, and skills gaps.
Workforce Currents , Paper 2018-02

Discussion Paper
How Do Natural Disasters Affect Small Business Owners in the Fed’s Second District?

In this post, we follow up on the previous Liberty Street Economics post in this series by studying other impacts of extreme weather on the real sector. Data from the Federal Reserve’s Small Business Credit Survey (SBCS) shed light on how small businesses in the Second District are impacted by natural disasters (such as hurricanes, floods, wildfires, droughts, and winter storms). Among our findings are that increasing shares of small business firms in the region sustain losses from natural disasters, with minority-owned firms suffering losses at a disproportionately higher rate than ...
Liberty Street Economics , Paper 20231115

Working Paper
Can Everyone Tap into the Housing Piggy Bank? Racial Disparities in Access to Home Equity

This paper documents large racial disparities in the ability of homeowners to access their housing wealth without moving. During the 2018–2021 period, Black homeowners’ mortgage equity withdrawal (MEW) product applications were rejected at almost double the rate of White homeowners (44% versus 23%), while Hispanic and Asian homeowners also experienced significantly higher denial rates (32% and 30%, respectively). These racial disparities in denials are much larger than those associated with purchase and rate/term refinance mortgage applications. Controlling for loan and borrower ...
Working Papers , Paper 23-25

Working Paper
Can Everyone Tap Into the Housing Piggy Bank? Racial Disparities in Access to Home Equity

An oft-touted benefit of homeownership is the ability to build and access equity, and in recent years the amount of “tappable” home equity held by US homeowners has reached historic levels. But more than one-quarter of recent applications for mortgage equity withdrawal (MEW) loan products were denied. Black and Hispanic homeowners’ applications were denied at even higher rates: 44 percent and 32 percent, respectively. These racial disparities in denials are larger than those associated with purchase and rate/term refinance mortgage applications. Controlling for loan and borrower ...
FRB Atlanta Working Paper , Paper 2022-17

Working Paper
The Impact of Racial Segregation on College Attainment in Spatial Equilibrium

We incorporate race into an overlapping-generations spatial-equilibrium model with neighborhood spillovers. Race matters in two ways: (i) the Black-White wage gap and (ii) homophily—the preferences of individuals over the racial composition of their neighborhood. We find that these two forces generate a Black-White college gap of 22 percentage points, explaining about 80% of the college gap in the data for the St. Louis metro area. Counterfactual exercises show that the wage gap and homophily explain 7 and 18 percentage points of the college gap, respectively. A policy of equalizing school ...
Working Papers , Paper 2022-036

Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?

We use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck Protection Program (PPP). Black-owned firms are 8.9 percentage points less likely than observably similar white-owned firms to receive PPP loans. About 55 percent of this take-up disparity is attributable to a disparity in application propensity, while the remainder is attributable to a disparity in approval rates. The finding in prior research that Black-owned PPP recipients are less likely than white-owned recipients to borrow from banks and more likely to borrow from fintech ...
Staff Reports , Paper 1060

Journal Article
How Do Business Cycles Affect Worker Groups Differently?

Racial disparities in socioeconomic outcomes for the U.S. population are often masked by aggregate statistics. Unemployment rates vary significantly across groups according to gender and race or ethnicity and have different sensitivities to the business cycle. Focusing on jobless rates by demographic groups shows that Black and Hispanic workers, particularly men, are the most sensitive to periods of economic growth and decline. This higher sensitivity persists across individuals with the same education level. Occupation plays a role in explaining the relative cyclical differences in ...
FRBSF Economic Letter , Volume 2021 , Issue 25 , Pages 01-06

Discussion Paper
What Drove Racial Disparities in the Paycheck Protection Program?

Numerous studies of the Paycheck Protection Program (PPP), which provided loans to small businesses during the COVID-19 pandemic, have documented racial disparities in the program. Because publicly available PPP data only include information on approved loans, prior work has largely been unable to assess whether these disparities were driven by borrower application behavior or by lender approval decisions. In this post, which is based on a related Staff Report and NBER working paper, we use the Federal Reserve’s 2020 Small Business Credit Survey to examine PPP application behavior and ...
Liberty Street Economics , Paper 20230601

The Economic Outlook: Getting Back to "More Like Normal"

Remarks at One Hundred Black Men of New York (delivered via videoconference).



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