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Journal Article
Deja Vu? The Recent Rise in Credit Card Debt Delinquencies
An analysis examines how a recent rise in credit card debt delinquencies compares with a similar trend during the global financial crisis of 2007-09.
Journal Article
COVID-19 Death Gap by County Income Widened after Vaccine Availability
U.S. counties with the highest incomes had lower COVID-19 death rates than the lowest-income counties, with the gap widening in the pandemic’s second year.
Journal Article
Foreclosure Rate Drops during COVID-19 despite Dip in On-Time Mortgage Payments
While on-time residential mortgage payments dropped drastically during the 2020 COVID-19 pandemic, most delinquent borrowers avoided foreclosure.
Journal Article
Mortgage Forbearance and Economic Recovery from the Pandemic
Providing households with some financial flexibility at a time of great uncertainty and income loss may have played a role in the recovery from the COVID-19 recession.
Working Paper
The Economic Impact of COVID-19 around the World
For over two years, the world has been battling the health and economic consequences of the COVID-19 pandemic. This paper provides an account of the worldwide economic impact of the COVID-19 shock, measured by GDP growth, employment, government spending, monetary policy, and trade. We find that the COVID-19 shock severely impacted output growth and employment in 2020, particularly in middle-income countries. The government response, mainly consisting of increased expenditure, implied a rise in debt levels. Advanced countries, having easier access to credit markets, experienced the highest ...
Are Mortgages Becoming More Affordable?
U.S. households with preexisting mortgages have loan payments that are fixed. Wage growth means they spend a smaller share of income on housing.
Credit Card Deleveraging during the COVID-19 Pandemic
The patterns of debt creation and debt destruction during the pandemic are different from those during the Great Recession.
Forbearance during COVID-19: How Many Borrowers Used It, and for How Long?
Sixteen percent of individuals with mortgages used forbearance between April 2020 and December 2021. For those requesting mortgage relief, how long did forbearance last?
Journal Article
On-Time Mortgage Payments Recover, Even in Financially Distressed Areas
During the COVID-19 recession, mortgage repayment rates fell further in areas with high levels of financial distress, but they also recovered faster.
The Pandemic's Impact on Municipal Bonds
Higher state and local expenditures related to COVID-19, a delayed tax-filing deadline and a lack of liquidity roiled the muni bond market in the early months of the pandemic.