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Discussion Paper
Just Released: Hints of Increased Hardship in America’s Oil-Producing Counties
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2016-05-24)
Today, the New York Fed released the Quarterly Report on Household Debt and Credit for the first quarter of 2016. Overall debt saw one of its larger increases since deleveraging ended, while delinquency rates for the United States continued to improve and remain at very low levels. Although the overall picture of Americans? liabilities has continued to improve since the financial crisis, we wondered what the variation looks like at local levels. One advantage of our Consumer Credit Panel (CCP), which is based on Equifax credit data, is that we can examine geographic variation in debt and ...
Liberty Street Economics , Paper 20160524

Discussion Paper
Balances Are on the Rise—So Who Is Taking on More Credit Card Debt?
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Scally, Joelle; Van der Klaauw, Wilbert (2022-11-15)
Total household debt balances continued their upward climb in the third quarter of 2022 with an increase of $351 billion, the largest nominal quarterly increase since 2007. This rise was driven by a $282 billion increase in mortgage balances, according to the latest Quarterly Report on Household Debt & Credit from 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. An increase in credit card balances was also a boost to ...
Liberty Street Economics , Paper 20221115b

Discussion Paper
Inequality in U.S. Homeownership Rates by Race and Ethnicity
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert (2020-07-08)
Homeownership has historically been an important means for Americans to accumulate wealth—in fact, at more than $15 trillion, housing equity accounts for 16 percent of total U.S. household wealth. Consequently, the U.S. homeownership cycle has triggered large swings in Americans’ net worth over the past twenty-five years. However, the nature of those swings has varied significantly by race and ethnicity, with different demographic groups tracing distinct trajectories through the housing boom, the foreclosure crisis, and the subsequent recovery. Here, we look into the dynamics underlying ...
Liberty Street Economics , Paper 20200708a

Discussion Paper
Credit Card Delinquencies Continue to Rise—Who Is Missing Payments?
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Rodriguez, Belicia; Scally, Joelle; Van der Klaauw, Wilbert; Wang, Crystal (2023-11-07)
This morning, the New York Fed’s Center for Microeconomic Data released the 2023:Q3 Quarterly Report on Household Debt and Credit. After only moderate growth in the second quarter, total household debt balances grew $228 billion in the third quarter across all types, especially credit cards and student loans. Credit card balances grew $48 billion this quarter and marked the eighth quarter of consecutive year-over year increases. The $154 billion nominal year-over-year increase in credit card balances marks the largest such increase since the beginning of our time series in 1999. The ...
Liberty Street Economics , Paper 20231107

Discussion Paper
Just Released: Subprime Auto Debt Grows Despite Rising Delinquencies
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2016-11-30)
The latest Quarterly Report on Household Debt and Credit from the New York Fed's Center for Microeconomic Data showed a small increase in overall debt in the third quarter of 2016, bolstered by gains in non-housing debt. Mortgage balances continue to grow at a sluggish pace since the recession while auto loan balances are growing steadily. The rise in auto loans has been fueled by high levels of originations across the spectrum of creditworthiness, including subprime loans, which are disproportionately originated by auto finance companies. Disaggregating delinquency rates by credit score ...
Liberty Street Economics , Paper 20161130

Discussion Paper
Auto Loan Delinquency Revs Up as Car Prices Stress Budgets
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Scally, Joelle; Van der Klaauw, Wilbert; Wang, Crystal (2024-02-06)
The New York Fed’s Center for Microeconomic Data released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2023 this morning. Household debt balances grew by $212 billion over the last quarter. Although there was growth across most loan types, it was moderate compared to the fourth-quarter changes seen in the past few years. Mortgage balances grew by $112 billion and home equity line of credit (HELOC) balances saw an $11 billion bump as borrowers tapped home equity in lieu of refinancing first mortgages. Credit card balances, which typically see substantial ...
Liberty Street Economics , Paper 20240206

Report
Supervising large, complex financial companies: what do supervisors do?
Lucca, David O.; Haughwout, Andrew F.; Hirtle, Beverly; Eisenbach, Thomas M.; Kovner, Anna; Plosser, Matthew (2015-05-01)
The Federal Reserve is responsible for the prudential supervision of bank holding companies (BHCs) on a consolidated basis. Prudential supervision involves monitoring and oversight to assess whether these firms are engaged in unsafe or unsound practices, as well as ensuring that firms are taking corrective actions to address such practices. Prudential supervision is interlinked with, but distinct from, regulation, which involves the development and promulgation of the rules under which BHCs and other regulated financial intermediaries operate. This paper describes the Federal Reserve?s ...
Staff Reports , Paper 729

Journal Article
Exogenous shocks and the dynamics of city growth: evidence from New York
Haughwout, Andrew F.; Rabin, Bess (2005-12)
This article was presented at a conference organized by the Federal Reserve Bank of New York in April 2005, "Urban Dynamics in New York City." The goal of the conference was threefold: to examine the historical transformations of the engine-of-growth industries in New York and distill the main determinants of the city's historical dominance as well as the challenges to its continued success; to study the nature and evolution of immigration flows into New York; and to analyze recent trends in a range of socioeconomic outcomes, both for the general population and recent immigrants more ...
Economic Policy Review , Issue Dec , Pages 61-73

Journal Article
Revenue implications of New York City's tax system
Rosen, Rae D.; Haughwout, Andrew F.; Edgerton, Jesse (2004-04)
A study of New York City's tax system finds that over the past three decades, the system has become less reliant on property and general sales taxes and more dependent on corporate and personal income taxes. This shift has made the city's tax revenues less stable than the revenues of the 1970s and more sensitive to cyclical swings.
Current Issues in Economics and Finance , Volume 10 , Issue Apr

Journal Article
The financial crisis at the kitchen table: trends in household debt and credit
Van der Klaauw, Wilbert; Lee, Donghoon; Brown, Meta; Haughwout, Andrew F. (2013-04)
Since the onset of the financial crisis, households have reduced their outstanding debt by about $1.3 trillion. While part of this reduction stemmed from a historic increase in consumer defaults and lender charge-offs, particularly on mortgage debt, other factors were also at play. An analysis of the New York Fed?s Consumer Credit Panel?a rich new data set on individual credit accounts?reveals that households actively reduced their obligations during this period by paying down their current debts and reducing new borrowing. These household choices, along with banks? stricter lending ...
Current Issues in Economics and Finance , Volume 19 , Issue April

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