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Discussion Paper
Affordability and availability of rental housing in Pennsylvania
The Community Affairs Department of the Federal Reserve Bank of Philadelphia undertook this study, Affordability and Availability of Rental Housing in Pennsylvania, to assess the housing needs of Pennsylvania's lower-income renter households and to better understand how their needs vary across the state. Our study looks at the incidence of housing problems among this group at both the beginning and the middle of the current decade. It also considers the extent to which there were shortages in the number of rental units that were both affordable and available to lower-income renters at these ...
Discussion Paper
“Forced Automation” by COVID-19? Early Trends from Current Population Survey Data
This empirical study evaluates whether COVID-19 and the threat of future pandemics has expedited the process of automation in the U.S. The results suggest that the pandemic displaced more workers in automatable occupations, putting them at a greater risk of being permanently automated. The automatable jobs that are more vulnerable to the pandemic include jobs that do not permit remote work, have a high risk of COVID-19 transmission, or are in the most affected sectors. While most of the job losses during the pandemic are expected to be temporary, a replication of the analysis for the Great ...
Discussion Paper
The Community Reinvestment Act (CRA) and Bank Branching Patterns
This paper examines the relationship between the Community Reinvestment Act (CRA) and bank branching patterns, measured by the risk of branch closure and the net loss of branches at the neighborhood level, in the aftermath of Great Recession. Between 2009 and 2017, there was a larger decline in the number of bank branches in lower-income neighborhoods than in more affluent ones, raising concerns about access to mainstream financial services. However, once we control for supply and demand factors that influence bank branching decisions, we find generally consistent evidence that the CRA is ...
Discussion Paper
Effects of the Community Reinvestment Act (CRA) on Small Business Lending
This study provides new evidence on the effectiveness of the Community Reinvestment Act (CRA) on small business lending by focusing on a sample of neighborhoods with changed CRA eligibility status across the country because of an exogenous policy shock in 2013. The results of difference-in-differences analysis provide consistent evidence that the CRA promotes small business lending, especially in terms of number of loan originations, in lower-income neighborhoods. The generally positive effects of the CRA are sensitive to the types of CRA treatment. Losing CRA eligibility status has a ...
Discussion Paper
EXPLORING A SKILLS-BASED APPROACH TO OCCUPATIONAL MOBILITY
Our work is motivated by two concepts: first, that economic mobility could be improved by greater opportunities for occupational mobility, particularly out of lower-wage employment, and second, that a skills-based approach to occupational mobility could uncover potential transitions that may not be obvious when only considering more traditional qualifications such as years of directly relevant experience or higher levels of formal education.
Discussion Paper
Student Debt Loan in Philadelphia
As of December 1, 2018, approximately 310,320 Philadelphians collectively owed $11.6 billion in student loan debt. The share of adults with student loan debt is greater in Philadelphia (25.3 percent) than in Pennsylvania (21.2 percent) and in the United States as a whole (17.3 percent). This report provides an in-depth analysis of the geographic distribution of this debt in Philadelphia. It reveals that individuals in different zip codes have drastically different experiences in how much they owe, the degree to which they struggle with repayment, and the extent to which they become ...
Discussion Paper
GENDER DISPARITIES IN FINANCIAL WELL-BEING: from the Survey of Household Economics and Decisionmaking
This report analyzes gender differences with respect to individuals’ banking habits, credit access, and retirement planning from the Federal Reserve Board’s 2018 Survey of Household Economics and Decisionmaking (SHED).
Discussion Paper
HOUSEHOLD RENTAL DEBT DURING COVID-19
COVID-19 and associated economic shutdowns have led to unprecedented job losses, with up to 20 million households and 24 million individuals experiencing an unemployment spell between March 2020 and August 2020.1 The scale of these losses, their disproportionate impact on lower-income workers, and the uncertain timeline of economic recovery have raised concerns about the ability of households to maintain rent payments while out of work.
Discussion Paper
Alternative financial service providers and the spatial void hypothesis: the case of New Jersey and Delaware
This paper continues the use of the spatial void hypothesis methodology to analyze the location of alternative financial service providers, such as check cashing outlets and pawn shops, in New Castle County, Delaware, and Atlantic, Mercer, Monmouth, and Passaic counties in New Jersey. Also explores whether these providers are disproportionately serving minority and low-income areas.
Discussion Paper
Economic and social impact of introducing casino gambling: a review and assessment of the literature
Reviews and assesses the existing literature on the potential economic impact of introducing casino gambling into a community or region, first by discussing the casinos? effect on economic activity and growth within a community or region, and then by exploring their effect on government revenues. Also discusses the literature related to the economic impact of social costs widely associated with gambling, such as increases in crime, bankruptcy, and problem gambling.