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Journal Article
Parental Proximity and the Earnings Consequences of Job Loss
We find post-job-loss earnings recovery is faster for young adults who live near their parents than for young adults who live farther away. This positive effect diminishes gradually as the distance to one?s parents increases. Most of the effect is driven by higher wages after job displacement, not by differences in the number of hours worked. The effect is not present for older workers, who may be caring for elderly parents.
Report
Report on the Economic Well-Being of U.S. Households in 2019, Featuring Supplemental Data from April 2020
This report describes the responses to the 2019 Survey of Household Economics and Decisionmaking (SHED) as well as responses to a follow-up survey conducted in April 2020. The Federal Reserve Board has fielded this survey each fall since 2013 to understand the wide range of financial challenges and opportunities facing families in the United States.
Working Paper
Local Ties in Spatial Equilibrium
If someone lives in an economically depressed place, they were probably born there. The presence of people with local ties - a preference to live in their birthplace - leads to smaller migration responses. Smaller migration responses to wage declines lead to lower real incomes and make real incomes more sensitive to subsequent demand shocks, a form of hysteresis. Local ties can persist for generations. Place-based policies, like tax subsidies, targeting depressed places cause smaller distortions since few people want to move to depressed places. Place-based policies targeting productive ...
Report
Update on the Economic Well-Being of U.S. Households: July 2020 Results
In March 2020, the onset of the COVID-19 pandemic altered the financial landscape for many American families. Recognizing the unprecedented financial disruptions caused by the pandemic, the Federal Reserve conducted a pair of supplemental surveys to monitor the financial well-being of U.S. households. The first was fielded in April 2020, and the results were described in the Report on the Economic Well-Being of U.S. Households in 2019, Featuring Supplemental Data from April 2020. This report describes the responses to the second supplemental survey, fielded in July 2020. The combined results ...
Working Paper
Women's Labor Force Exits during COVID-19: Differences by Motherhood, Race, and Ethnicity
In this paper, we study declines in women's labor force participation by race and ethnicity as well as the presence of children. We find that increases in labor force exits were larger for Black women, Latinas, and women living with children. In particular, we find larger increases in pandemic-era labor force exits among women living with children under age 6 and among lower-earning women living with school-age children after controlling for detailed job and demographic characteristics. Latinas and Black women also had larger increases in labor force exits during the pandemic relative to ...
Working Paper
Shedding Light on Survey Accuracy—A Comparison between SHED and Census Bureau Survey Results
The annual Survey of Household Economics and Decisionmaking (SHED) receives substantial research attention for topics related to household finances and economic well-being. To assess the reliability of data from the SHED, we compare aggregate statistics from the SHED with prominent, nationally representative surveys that use different survey designs, sample methodologies, and interview modes. Specifically, we compare recent statistics from the SHED with similar questions in U.S. Census Bureau surveys, including the Current Population Survey (CPS) and the American Community Survey (ACS). ...
Discussion Paper
The 2009 survey of consumer payment choice
This paper presents results of the 2009 Survey of Consumer Payment Choice (SCPC), along with revised 2008 SCPC data. In 2009, the average U.S. consumer held 5.0 of the nine payment instruments available, including cash, and used 3.8 of them during a typical month. Between the 2008 and 2009 surveys, a period that includes the trough of the latest recession, consumers significantly increased their use of cash and close substitutes for cash, such as money orders and prepaid cards. At the same time, consumers reduced their use of credit cards and (to a lesser extent) debit cards, as well as ...
Discussion Paper
The 2008 Survey of Consumer Payment Choice
This paper presents the 2008 version of the Survey of Consumer Payment Choice (SCPC), a nationally representative survey developed by the Consumer Payments Research Center of the Federal Reserve Bank of Boston and implemented by the RAND Corporation with its American Life Panel. The survey fills a gap in knowledge about the role of consumers in the transformation of payments from paper to electronic by providing a broad-based assessment of U.S. consumers' adoption and use of nine payment instruments, including cash. The average consumer has 5.1 of the nine instruments, and uses 4.2 in a ...