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Economic Inclusion Fireside Chat: Michael Weber and Jeff Fuhrer on an inclusive economy
Michael Weber, an associate professor at the University of Chicago Booth School of Business, and Jeff Fuhrer, a fellow at the Brookings Institution and the Eastern Bank Foundation, provided insight into the importance of thinking about diverse communities in policymaking at the inaugural Economic Inclusion Seminar Series Fireside Chat.
Journal Article
Fed credibility enhanced when public finds policymakers relatable
University of Chicago Booth School associate professor Michael Weber explains how audiences are especially receptive to monetary policy messaging delivered by Fed officials whose ethnic or gender background is similar to theirs and outlines the broader implications of such enhanced credibility.
Working Paper
Does Salient Financial Information Affect Academic Performance and Borrowing Behavior among College Students?
While rising student loan debt can plague college students future finances, few federal programs have been instituted to educate college students on the mechanics of student loan borrowing. This paper exploits a natural experiment in which some students received "Know Your Debt" letters with incentivized offers for one-on-one financial counseling. Montana State University students who reached a specific debt threshold received these letters; University of Montana students did not. We use a difference-in-difference-in-differences strategy to compare students above and below the thresholds ...
Journal Article
Bank Partnership Helps Ex-Offenders
In an effort to support community stabilization in Monroe County, PA, a local community bank last year entered into a unique partnership with a community college, a health-care system, and a district court to help ex-offenders reintegrate into their communities. ESSA Bank & Trust,1 located in Stroudsburg, PA, provides financial education and loans to ex-offenders who are leaving the federal corrections system and transitioning back into the community. Bank president and chief executive officer Gary S. Olson notes: ?We [ESSA Bank & Trust] were looking for ways to strengthen our ties and impact ...
Working Paper
State Mandated Financial Education and the Credit Behavior of Young Adults
In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. Despite the growth of financial and economic education provided in public schools, little is known about the effect of these programs on the credit behaviors of young adults. Using a panel of credit report data, we examine young adults in three states where personal financial education mandates were implemented in 2007: Georgia, Idaho, and Texas. We compare the credit scores and delinquency rates of young adults in each of ...