Search Results
Showing results 1 to 10 of approximately 117.
(refine search)
Discussion Paper
Car Prices Drive Up Borrowing
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Mangrum, Daniel; Van der Klaauw, Wilbert
(2022-02-08)
Total household debt increased substantially during the second year of the COVID-19 pandemic, with a $1.02 trillion increase in aggregate debt balances, according to the Quarterly Report on Household Debt and Credit for the fourth quarter of 2021 from the New York Fed’s Center for Microeconomic Data. The yearly increase was the largest seen since 2007 in nominal terms and was boosted by particularly robust growth in mortgage balances, which grew by nearly $900 billion through 2021. Credit card balances, which have followed an unusual path during the pandemic, saw a large seasonal increase ...
Liberty Street Economics
, Paper 20220208
Discussion Paper
Following Borrowers through Forbearance
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert
(2020-11-17)
Today, the New York Fed’s Center for Microeconomic Data reported that total household debt balances increased slightly in the third quarter of 2020, according to the latest Quarterly Report on Household Debt and Credit. This increase marked a reversal from the modest decline in the second quarter of 2020, a downturn driven by a sharp contraction in credit card balances. In the third quarter, credit card balances declined again, even as consumer spending recovered somewhat; meanwhile, mortgage originations came in at a robust $1.049 trillion, the highest level since 2003. Many of the efforts ...
Liberty Street Economics
, Paper 20201117
Report
Health spending slowed down in spite of the crisis
DiMaggio, Marco; Kermani, Amir; Haughwout, Andrew F.; Mazewski, Matthew; Pinkovskiy, Maxim L.
(2016-06-01)
We exploit plausibly exogenous regulatory changes in the mortgage lending market to estimate causal effects of the financial boom and bust on personal income in the health sector. We find that counties that were exogenously more exposed to the crisis because of the regulatory reforms experienced a greater rise in the size of the health sector over the course of the boom and the bust relative to control counties, with the differential persisting through the recovery. We provide suggestive evidence that increased mortality during the bust and greater capital investment during the boom ...
Staff Reports
, Paper 781
Discussion Paper
Historically Low Delinquency Rates Coming to an End
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Scally, Joelle; Van der Klaauw, Wilbert
(2022-08-02)
Total household debt increased by $312 billion during the second quarter of 2022, and balances are now more than $2 trillion higher than they were in the fourth quarter of 2019, just before the COVID-19 pandemic recession, according to the Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. All debt types saw sizable increases, with the exception of student loans. Mortgage balances were the biggest driver of the overall increase, climbing $207 billion since the first quarter of 2022. Credit card balances saw a $46 billion increase since the ...
Liberty Street Economics
, Paper 20220802
Discussion Paper
Refinance Boom Winds Down
Mangrum, Daniel; Lee, Donghoon; Scally, Joelle; Haughwout, Andrew F.; Van der Klaauw, Wilbert
(2022-05-10)
Total household debt balances continued their upward climb in the first quarter of 2022 with an increase of $266 billion; this rise was primarily driven by a $250 billion increase in mortgage balances, according to the latest Quarterly Report on Household Debt and Creditfrom the New York Fed’s Center for Microeconomic Data. Mortgages, historically the largest form of household debt, now comprise 71 percent of outstanding household debt balances, up from 69 percent in the fourth quarter of 2019. Driving the increase in mortgage balances has been a high volume of new mortgage originations, ...
Liberty Street Economics
, Paper 20220510
Report
COVID Response: The Municipal Liquidity Facility
Haughwout, Andrew F.; Hyman, Benjamin; Shachar, Or
(2021-09-01)
At the onset of the COVID-19 pandemic, state and local governments were among the sectors expected to experience the most severe distress. The combination of a sharply deteriorating revenue picture, a pressing need for additional expenditures, delays in the receipt of substantial taxes owed, and an inability to access the financial markets raised serious concerns among many observers about the ability of state and local governments to meet their public service delivery responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to ...
Staff Reports
, Paper 985
Discussion Paper
What’s Next for Forborne Borrowers?
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert
(2021-05-19)
We’ve spent the first three posts of this series discussing who has entered mortgage forbearance, and how their personal finances have developed during the course of the pandemic. In this fourth and final post, we will use Consumer Credit Panel (CCP) data to examine the profiles of those who remain in forbearance and those who have exited, and how the performance of household credit may evolve as the force of the pandemic begins to ebb and the economy reopens and normalizes.
Liberty Street Economics
, Paper 20210519d
Discussion Paper
Who Has Been Evicted and Why?
Haughwout, Andrew F.; Zhang, Xiaohan; Liu, Haoyang
(2020-07-08)
More than two million American households are at risk of eviction every year. Evictions have been found to cause prolonged homelessness, worsened health conditions, and lack of credit access. During the COVID-19 outbreak, governments at all levels implemented eviction moratoriums to keep renters in their homes. As these moratoriums and enhanced income supports for unemployed workers come to an end, the possibility of a wave of evictions in the second half of the year is drawing increased attention. Despite the importance of evictions and related policies, very few economic studies have been ...
Liberty Street Economics
, Paper 20200708b
Discussion Paper
Have Consumers Been Deleveraging?
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Haughwout, Andrew F.
(2011-03-21)
Since its peak in summer 2008, U.S. consumers’ indebtedness has fallen by more than a trillion dollars. Over roughly the same period, charge-offs—the removal of obligations from consumers’ credit reports because of defaults—have risen sharply, especially on loans secured by houses, which make up about 80 percent of consumer liabilities. An important question for gauging the behavior of U.S. consumers is how to interpret these two trends. Is the reduction in debts entirely attributable to defaults, or are consumers actively reducing their debts? In this post, we demonstrate that a ...
Liberty Street Economics
, Paper 20110321
Discussion Paper
Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?
Chakrabarti, Rajashri; Haughwout, Andrew F.; Lee, Donghoon; Nober, William; Scally, Joelle; Van der Klaauw, Wilbert
(2020-08-19)
In yesterday's post, we studied the expected debt relief from the CARES Act on mortgagors and student debt borrowers. We now turn our attention to the 63 percent of American borrowers who do not have a mortgage or student loan. These borrowers will not directly benefit from the loan forbearance provisions of the CARES Act, although they may be able to receive some types of leniency that many lenders have voluntarily provided. We ask who these borrowers are, by age, geography, race and income, and how does their financial health compare with other borrowers.
Liberty Street Economics
, Paper 20200819
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of New York 116 items
Federal Reserve Bank of Chicago 1 items
FILTER BY Series
Liberty Street Economics 80 items
Staff Reports 22 items
Economic Policy Review 7 items
Current Issues in Economics and Finance 6 items
Proceedings 1 items
Speech 1 items
show more (1)
show less
FILTER BY Content Type
Discussion Paper 80 items
Report 22 items
Journal Article 13 items
Conference Paper 1 items
Speech 1 items
FILTER BY Author
Van der Klaauw, Wilbert 67 items
Lee, Donghoon 65 items
Scally, Joelle 54 items
Brown, Meta 13 items
Tracy, Joseph 13 items
Mangrum, Daniel 11 items
Hyman, Benjamin 8 items
Fuster, Andreas 6 items
Peach, Richard 6 items
Orr, James A. 5 items
Liu, Haoyang 4 items
Bram, Jason 3 items
Guttman-Kenney, Benedict 3 items
Kovner, Anna 3 items
Rodriguez, Belicia 3 items
Shachar, Or 3 items
Somerville, Jason 3 items
Zhang, Xiaohan 3 items
Chakrabarti, Rajashri 2 items
Chan, Sewin 2 items
Clark, Hunter L. 2 items
Edgerton, Jesse 2 items
Eisenbach, Thomas M. 2 items
Geddes, Eilidh 2 items
Hirtle, Beverly 2 items
Lucca, David O. 2 items
Neubauer, Michael 2 items
Nober, William 2 items
Parker, Dean 2 items
Pinkovskiy, Maxim L. 2 items
Plosser, Matthew 2 items
Rosen, Rae D. 2 items
Wang, Crystal 2 items
Appleson, Jason 1 items
Armantier, Olivier 1 items
Bedoll, David 1 items
Benjamin, Lahey 1 items
Boumahdi, Fatima-Ezzahra 1 items
Campbell, Graham 1 items
Cipriani, Marco 1 items
Dahir, Nima 1 items
De Giorgi, Giacomo 1 items
Deitz, Richard 1 items
DiMaggio, Marco 1 items
Fitzpatrick, Nora 1 items
Gelb, Yigel 1 items
Gilbukh, Sonia 1 items
Goldman, Leo 1 items
Hayashi, Andrew 1 items
Inman, Robert P. 1 items
Kermani, Amir 1 items
Koşar, Gizem 1 items
La Spada, Gabriele 1 items
Lagakos, David 1 items
Lahey, Benjamin 1 items
Lall, Devon 1 items
Landau, Rebecca 1 items
Lieber, Matthew 1 items
Mabutas, Maricar 1 items
Mayer, Christopher J. 1 items
Mazewski, Matthew 1 items
McCarthy, Jonathan 1 items
McConnell, Margaret M. 1 items
McGuire, Therese 1 items
Melcangi, Davide 1 items
Morgan, Donald P. 1 items
Morris, Joseph 1 items
Nee, Shawn 1 items
Okah, Ebiere 1 items
Parsons, Eric 1 items
Rabin, Bess 1 items
Rich, Robert W. 1 items
Setren, Elizabeth 1 items
Solimano, Magali 1 items
Sporn, John 1 items
Steindel, Charles 1 items
Sutherland, Sarah 1 items
Thomas, Lauren 1 items
Yun, David 1 items
http://fedora:8080/fcrepo/rest/objects/authors/ 1 items
show more (76)
show less
FILTER BY Jel Classification
D1 35 items
D14 34 items
G21 10 items
R31 10 items
R3 7 items
H0 4 items
R1 4 items
D12 3 items
G14 3 items
G18 3 items
G28 3 items
H74 3 items
D31 2 items
E27 2 items
G11 2 items
G20 2 items
C23 1 items
D13 1 items
D1;H00 1 items
E2 1 items
E2;H00 1 items
E3 1 items
E52 1 items
E58 1 items
E62 1 items
F00 1 items
G01 1 items
G1 1 items
G2 1 items
H00 1 items
I11 1 items
I14 1 items
I18 1 items
I22 1 items
I3 1 items
J01 1 items
K10 1 items
Q1 1 items
R10 1 items
R21 1 items
show more (35)
show less
FILTER BY Keywords
Mortgages 22 items
household finances 21 items
consumer credit panel 19 items
CCP 15 items
housing 12 items
COVID-19 9 items
student loans 9 items
Consumer Credit Panel (CCP) 7 items
auto loans 7 items
credit cards 7 items
debt 7 items
Federal Reserve District, 2nd 6 items
homeownership 6 items
household finance 6 items
delinquency 5 items
Defaults 5 items
Consumer debt 4 items
household debt 4 items
mortgage 4 items
municipal debt 4 items
state and local governments 4 items
Credit 4 items
Deleveraging 4 items
Economic conditions 4 items
Foreclosures 4 items
leverage 4 items
prices 4 items
CARES Act 3 items
Default (Finance) 3 items
Economic conditions - New York (N.Y.) 3 items
Federal Reserve lending facilities 3 items
Puerto Rico 3 items
Revenue 3 items
Subprime mortgage 3 items
Urban economics 3 items
forbearance 3 items
household credit 3 items
consumer credit 3 items
stress testing 3 items
Economic indicators 2 items
FRBNY Consumer Credit Panel 2 items
Fiscal policy 2 items
Home ownership 2 items
Households - Economic aspects 2 items
Housing - Prices 2 items
Infrastructure (Economics) 2 items
Local finance 2 items
Public welfare 2 items
Recessions 2 items
Terrorism 2 items
bank supervision 2 items
cities 2 items
consumer debts 2 items
diversity 2 items
evictions 2 items
expectations 2 items
financial assets 2 items
heterogeneity 2 items
large and complex financial companies 2 items
local governments 2 items
measurement 2 items
mortgage defaults 2 items
mortgage forbearance 2 items
negative equity 2 items
pandemic 2 items
Equity 2 items
State government 2 items
Banking and Finance 1 items
Budget 1 items
Budget deficits 1 items
Capital investments 1 items
Census 1 items
Comprehensive Capital Analysis and Review (CCAR) 1 items
Construction industry 1 items
Consumer behavior 1 items
Discrimination in mortgage loans 1 items
Economic conditions - New York (State) 1 items
Energy 1 items
Federal Reserve 1 items
Finance, Public 1 items
Financial crises 1 items
Financial leverage 1 items
Foreclosure 1 items
Great Recession 1 items
Headship Rate 1 items
Homeownership Rate 1 items
Household Borrowing 1 items
Industrial location 1 items
Investments 1 items
Land use 1 items
Local government 1 items
MLF 1 items
Microeconomics 1 items
Municipal Liquidity Facility 1 items
New Jersey 1 items
New York 1 items
Quarterly Report on Household Debt and Credit 1 items
Real Estate Investors 1 items
Statistics 1 items
Student Loan 1 items
Student Loan Default 1 items
Supply-side economics 1 items
Taxation 1 items
Taxation - New Jersey 1 items
Taxation - New York 1 items
Taxation - New York (N.Y.) 1 items
War - Economic aspects 1 items
age-specific population growth 1 items
anti-predatory lending 1 items
bankruptcy 1 items
borrowers 1 items
bunching 1 items
cohort default rate 1 items
consumer 1 items
consumer finance 1 items
consumption 1 items
credit access 1 items
credit reports 1 items
credit scores 1 items
default rate 1 items
deficits 1 items
delinquencies 1 items
delinquency rate 1 items
demographics 1 items
economic conditions - United States 1 items
economic outlook 1 items
eviction expectations 1 items
excess savings 1 items
facility 1 items
fiscal sustainability 1 items
forecasting 1 items
health spending 1 items
home price expectations 1 items
household debt and credit 1 items
households 1 items
housing outlook 1 items
inequality 1 items
mortgage lending 1 items
municipal 1 items
municipal bonds 1 items
municipal debt markets 1 items
municipal government 1 items
panel 1 items
quarterly report 1 items
race 1 items
real estate investments 1 items
refinance 1 items
regional economy 1 items
rent 1 items
rent expectations 1 items
renters 1 items
saving 1 items
small business 1 items
state finances 1 items
state foreclosure laws 1 items
student 1 items
student debt 1 items
subprime 1 items
subprime auto loans 1 items
taxes 1 items
show more (174)
show less