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Briefing
The Pandemic, Child Care and Women’s Labor Force Participation
Latham, Sierra; Athreya, Kartik B. (2022-05)
The pandemic has changed how households work, spend and care for children. In this Economic Brief, we highlight economic research that examines the patterns seen in women's work experiences in particular. We look at both the pandemic and, more generally, how shocks to the economy affect women's work decisions. Throughout, we will try to connect what we observe to households' broader economic environments and will emphasize — in the case of the pandemic — the role of away-from-home child care.
Richmond Fed Economic Brief , Volume 22 , Issue 16

Journal Article
Land of Opportunity: Economic Mobility in the United States
Romero, Jessica Sackett; Athreya, Kartik B. (2015-04)
Authors Jessie Romero and Kartik Athreya interpret data that suggest economic mobility has decreased in recent years. Many factors contribute to mobility, but for most people advancement depends on opportunities to obtain human capital---opportunities that are not as good for children in poor families. Initiatives that focus on early childhood education seem to yield high returns on investment. Their feasibility on a large scale is unknown, but they may have the potential to help the United States achieve a more inclusive prosperity.
Economic Quarterly , Issue 2Q , Pages 169-191

Working Paper
Bankruptcy and delinquency in a model of unsecured debt
Athreya, Kartik B.; Young, Eric; Sanchez, Juan M.; Tam, Xuan S. (2012)
This paper documents and interprets two facts central to the dynamics of informal default or ?delinquency? on unsecured consumer debt. First, delinquency does not mean a persistent cessation of payment. In particular, we observe that for individuals 60 to 90 days late on payments, 85% make payments during the next quarter that allow them to avoid entering more severe delinquency. Second, many in delinquency (40%) have smaller debt obligations one quarter later. To understand these facts, we develop a theoretically and institutionally plausible model of debt delinquency and bankruptcy. Our ...
Working Papers , Paper 2012-042

Working Paper
Consumption in the Great Recession: The Financial Distress Channel
Athreya, Kartik B.; Sanchez, Juan M.; Mather, Ryan; Mustre-del-Rio, Jose (2019-08-29)
During the Great Recession, the collapse of consumption across the US varied greatly but systematically with house-price declines. Our message is that household financial health matters for understanding this relationship. Two facts are essential for our finding: (1) the decline in house prices led to an increase in household financial distress (FD) prior to the decline in income during the recession, and (2) at the zip-code level, the prevalence of FD prior to the recession was positively correlated with house-price declines at the onset of the recession. We measure the power of the ...
Working Paper , Paper 19-13

Working Paper
Financial Distress and Macroeconomic Risks
Athreya, Kartik B.; Sanchez, Juan M.; Mather, Ryan; Mustre-del-Rio, Jose (2021-10-22)
This paper investigates how, and how much, household financial distress (FD), arising from allowing debts to go unpaid, matters for the aggregate and cross-sectional consumption responses to macroeconomic risk. Through a battery of structural models, we show that FD can affect consumption responses through three channels: (1) as another margin of adjustment to shocks (direct channel); (2) because its persistence implies a significant degree of preference heterogeneity (indirect channel); and (3) because it can exacerbate macroeconomic risks whenever it is more severe in the hardest-hit ...
Working Papers , Paper 2019-025

Journal Article
Implications of some alternatives to capital income taxation
Waddle, Andrea L.; Athreya, Kartik B. (2007-01)
Economic Quarterly , Volume 93 , Issue Win , Pages 31-55

Journal Article
Opinion: Our Work on Rural Economies
Athreya, Kartik B. (2022-01)
Rural areas and small towns come in many varieties. Some are affluent; some are poor. Some are home to major universities and hospitals; some are isolated. About a quarter of the population of the Fifth District lives in rural counties. And on average, across many measures, rural America has been having a harder time than the cities — in terms of employment, educational attainment, and health. As a regional Fed, it is in our mission to help wherever we can to promote economic vitality in our District. So, starting in early 2018, the Richmond Fed stepped up its efforts to learn about rural ...
Econ Focus , Issue 1Q , Pages 32

Briefing
Does Redistribution Increase Output?
Athreya, Kartik B.; Owens, Andrew; Romero, Jessica Sackett; Schwartzman, Felipe (2017-01)
According to conventional wisdom, wealth redistribution boosts output by increasing aggregate consumption. However, while redistributive policies can have a short-run stimulative effect on consumption, their effect on output depends, potentially quite importantly, on the nature of household labor supply.
Richmond Fed Economic Brief , Issue January

Journal Article
Shame as it ever was : stigma and personal bankruptcy
Athreya, Kartik B. (2004-04)
Economic Quarterly , Volume 90 , Issue Spr , Pages 1-19

Report
Land of opportunity? Economic mobility in the United States. 2012 annual report of the Federal Reserve Bank of Richmond
Athreya, Kartik B.; Romero, Jessica Sackett (2012)
Economics writer Jessie Romero and group vice president Kartik Athreya interpret data that suggest economic mobility has decreased in recent years. Many factors contribute to mobility, but for most people advancement depends on opportunities to obtain human capital ? opportunities that are not as good for children in poor families. Initiatives that focus on early childhood education seem to yield high returns on investment. Their feasibility on a large scale is unknown, but they may have the potential to help the United States achieve a more inclusive prosperity.
Annual Report

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