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Journal Article
Q&A: Black Executives on Equitable Funding
What is your definition of true equity? Three Black executives share their personal insights and tips on counteracting funding inequality.
Journal Article
Examining U.S. Economic Racial Inequality by State
The Center for Household Financial Stability documents racial economic inequality across the United States.
Working Paper
Incarceration, Earnings, and Race
Working Paper
The Dynamics of the Racial Wealth Gap
We reconcile the large and persistent racial wealth gap with the smaller racial earnings gap, using a general equilibrium heterogeneous-agents model that matches racial differences in earnings, wealth, bequests, and returns to savings. Given initial racial wealth inequality in 1962, our model attributes the slow convergence of the racial wealth gap primarily to earnings, with much smaller roles for bequests or returns to savings. Cross-sectional regressions of wealth on earnings using simulated data produce the same racial gap documented in the literature. One-time wealth transfers have only ...
Working Paper
Racial Inequality in Unemployment Insurance Receipt and Take-Up
This paper studies differences in receipt and take-up of unemployment insurance (UI) benefits among White and Black individuals. We combine state-level UI regulations with data containing detailed information on individuals’ work history and UI receipt. Black individuals who separate from a job are 24% less likely to receive UI than White individuals. The UI receipt gap stems primarily from lower take-up of UI benefits among likely eligible individuals, as opposed to differences in benefit eligibility. Statistical decompositions indicate that about one-half of the take-up gap is explained ...
Journal Article
Lessons Learned from Mortgage Borrower Policies and Outcomes during the COVID-19 Pandemic
This article evaluates how the most important policy responses to the COVID-19 pandemic affected the US mortgage market. In particular, we consider the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020; the follow-on American Rescue Plan (ARP) Act of 2021, which extended many of the provisions in the CARES Act; and the Federal Reserve's large-scale asset purchase (LSAP) program that was announced in March 2020. Our analysis considers both the aggregate effects and the distributional effects of these policies on mortgage borrowers. Overall, we find that pandemic-era ...
Racial and Ethnic Disparities in Housing Distress during the Pandemic
The lack of cash on hand before the pandemic appears to play a role in a renter’s or homeowner’s likelihood of experiencing distress.
Working Paper
K–12 Schools in Ohio Are Separate and Unequal
Schools are one of the main determinants of lifetime employment and wages. In the 1950s and 60s, many Black leaders were concerned that Supreme Court rulings outlawing the racial segregation of schools might not effectively eliminate school segregation. This Economic Commentary uses data from Ohio to show that, even today, Black and white students attend largely separate K–12 schools that provide unequal educational opportunity.
Newsletter
Examining Racial Wealth Inequality
The March 2022 issue of Page One Economics covers the topics of income and wealth through the lens of racial inequality. Learn the difference between income and wealth, how the racial wealth gap has endured over time, and the reasons that certain groups have been limited in their wealth-building potential.