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.
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.
Alternative financial service providers and the spatial void hypothesis
This paper examines the use of alternative financial service providers (AFSPs) such as check-cashing outlets and pawnshops in Philadelphia, Montgomery, Delaware, and Allegheny counties. Also explores whether these providers are disproportionately serving minority and low-income areas.
Home ownership education and counseling: issues in research and definition
Many public- and private-sector initiatives support the expansion of home-ownership opportunities for low- and moderate-income households. This discussion paper assesses existing research on the effectiveness of home-ownership education and counseling and opportunities for future research. A limited number of printed copies are available.
Alternative financial vehicles: rotating savings and credit associations (ROSCAs)
This paper describes how ROSCAs work and discusses the benefits that accrue to ROSCA participants and some of the costs they incur. Of particular interest is the introduction of a partial data set collected from a local ROSCA, which offers a glimpse of the capital costs ROSCA participants face and which could ultimately be contrasted with the capital costs faced by borrowers at mainstream financial institutions.
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).
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.
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 ...
Subprime lending over time: the role of race
Analyzes the racial gap in subprime mortgages over time. The study estimates a portion of the gap that cannot be attributed to such characteristics as income, credit score, loan amount, degree of documentation, denial rate, residence in a minority tract, and debt-to-income ratio. It concludes that the unexplained portion suggests that bias in mortgage lending cannot be ruled out.
FHA lending activity in the past decade: a national overview
The Federal Housing Administration (FHA), which provides insurance for residential mortgage loans, was established by the National Housing Act of 1934 to stimulate housing demand and, in turn, demand for those who build housing. In the housing boom after World War II, FHA loans helped make mortgage credit more widely available to returning veterans. In recent decades, the FHA, which is now part of the Department of Housing and Urban Development (HUD), has disproportionately served first-time homebuyers as well as low- and moderate-income (LMI) and minority households. The FHA allows low down ...