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Journal Article
Household financial stability: who suffered the most from the crisis?
The financial crisis and ensuing recession took a toll on just about everybody?s household wealth. Not surprisingly, the pain wasn?t evenly distributed. Those groups that are usually the most vulnerable in our society?young and middle-aged minority households?suffered the most, percentage-wise.
Journal Article
Mortgage borrowing: the boom and bust
Also titled as "Mortgage Boom and Bust Affected Different Age Groups Differently" in PDF format.
Newsletter
Traditional versus shadow banking
Modern economies rely heavily on financial intermediaries to channel funds between borrowers and lenders. In the first edition of the Page One Economics Newsletter, the role of traditional banking is outlined and a parallel system?shadow banking?is explored.
Journal Article
Household Debt and the Great Recession
In the mid-2000s, household private debt reached a new level 1.2 times larger than personal income? before collapsing during the Great Recession. This paper uses microeconomic data to document the main changes in personal debt and explore the behavior of debt across generations over two periods: before and after the Great Recession. Special emphasis is placed on participation rates by category of debt (the extensive margin), volume borrowed (the intensive margin), and default behavior. Key findings include that between 1999 and 2013 the fraction of individuals with only unsecured (e.g., ...
Journal Article
A closer look at house price indexes
At least early in the financial crisis, the high rate of foreclosures seemed to be due more to households' overreaching than to predatory lending. A disproportionate number of those being foreclosed on were well-educated, well-off and relatively young people.
Journal Article
Introduction
Journal Article
Have the trends in housing bottomed out?
On a national level, the number of vacant homes is declining, as is the percentage of mortgages in serious delinquency. However, the demand for housing hasn't picked up, nor have prices.