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Journal Article
New Jersey’s Abbott districts: education finances during the Great Recession
Sutherland, Sarah; Chakrabarti, Rajashri (2013-06)
Funding for New Jersey?s low-income school districts tumbled in the most recent recession, and the Abbott districts?a group of poor urban districts that for almost two decades received special appropriations from the state?were hit especially hard. A comparison with the state?s other low-income districts reveals that the Abbott districts faced markedly sharper declines in aid, relative to trend. Consequently, while all of the low-income districts responded to the drop in state aid by scaling back spending on support services and utilities, only the Abbott group also made significant cuts in ...
Current Issues in Economics and Finance , Volume 19 , Issue Jun

Discussion Paper
The Impact of Superstorm Sandy on New York City School Closures and Attendance
Livingston, Max; Chakrabarti, Rajashri (2012-12-19)
On October 29, superstorm Sandy hit the tri-state area, flooding streets, highways, tunnels, buildings, and homes, and crippling the region?s public transit system. At least ninety-four people in New York and New Jersey were killed. Downed power lines and damaged transformers plunged downtown Manhattan and coastal areas into days and weeks of darkness. The damage is still being assessed, but costs are sure to be in the tens of billions. Schools were no exception to this devastation, both in infrastructural damage and in disruptions to students? education. The storm shut down all 1,750 New ...
Liberty Street Economics , Paper 20121219

Discussion Paper
Racial and Income Gaps in Consumer Spending following COVID-19
Avtar, Ruchi; Chakrabarti, Rajashri; Pinkovskiy, Maxim L.; Topa, Giorgio (2021-05-13)
This post is the first in a two-part series that seeks to understand whether consumer spending patterns during the COVID-19 pandemic evolved differentially across counties by race and income. As the pandemic hit and social distancing restrictions were put into place in March 2020, consumer spending plummeted. Subsequently, as social distancing restrictions began to be relaxed later in spring 2020, consumer spending started to rebound. We find that higher-income counties had a considerably steeper decline and a shallower recovery than low-income counties did. The differences by race were also ...
Liberty Street Economics , Paper 20210513a

Report
Abbott and Bacon Districts: education finances during the Great Recession
Sutherland, Sarah; Chakrabarti, Rajashri (2012)
In the State of New Jersey, any child between the age of five and eighteen has the constitutional right to a thorough and efficient education. The State of New Jersey also has one of the country?s most rigid policies regarding a balanced budget come fiscal end. When state and local revenues took a big hit in the most recent recession, officials had to make tough decisions about education spending. This paper exploits rich panel data and trend-shift analysis to analyze how school finances in the Abbott and Bacon School Districts, as well as the high-poverty districts in general, were affected ...
Staff Reports , Paper 573

Discussion Paper
Young, Less Educated Faced Higher Inflation in 2021—But Gaps Now Closed
Chakrabarti, Rajashri; Garcia, Dan; Pinkovskiy, Maxim L. (2023-01-18)
We continue our series on inflation disparities by looking at disparities in inflation rates by educational attainment and age for the period June 2019 to the present. Remarkably, we find that disparities by age and education are considerably larger than those by income and are similar in size to those by race and ethnicity, both explored in our previous post. Specifically, during the inflationary period of 2021-22, younger people and people without a college degree faced the highest inflation, with steadily widening gaps relative to the overall average between early 2021 and June 2022, ...
Liberty Street Economics , Paper 20230118b

Discussion Paper
What Might Happen When Student Loan Forbearance Ends?
Chakrabarti, Rajashri; Van der Klaauw, Wilbert; Lu, Jessica (2022-04-21)
Federal student loan relief was recently extended through August 31, 2022, marking the sixth extension during the pandemic. Such debt relief includes the suspension of student loan payments, a waiver of interest, and the stopping of collections activity on defaulted loans. The suspension of student loan payments was expected to help 41 million borrowers save an estimated $5 billion per month. This post is the first in a two-part series exploring the implications and distributional consequences of policies that aim to address the student debt burden. Here, we focus on the uneven consequences ...
Liberty Street Economics , Paper 20220421a

Discussion Paper
Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?
Chakrabarti, Rajashri; Haughwout, Andrew F.; Lee, Donghoon; Nober, William; Scally, Joelle; Van der Klaauw, Wilbert (2020-08-19)
In yesterday's post, we studied the expected debt relief from the CARES Act on mortgagors and student debt borrowers. We now turn our attention to the 63 percent of American borrowers who do not have a mortgage or student loan. These borrowers will not directly benefit from the loan forbearance provisions of the CARES Act, although they may be able to receive some types of leniency that many lenders have voluntarily provided. We ask who these borrowers are, by age, geography, race and income, and how does their financial health compare with other borrowers.
Liberty Street Economics , Paper 20200819

Discussion Paper
Do Veterans Face Disparities in the Labor Market—And What Accounts for Them?
Pinkovskiy, Maxim L.; Garcia, Dan; Chakrabarti, Rajashri (2023-05-25)
We continue our series on military service and consider veterans’ earnings and labor market outcomes. We find that veterans earn more than 12 percent less and are 4 percentage points (18 percent) more likely to be out of the labor force than comparable nonveterans. Interestingly, accounting for veterans’ differences from comparable nonveterans in terms of education and disability status largely explains these labor market differences.
Liberty Street Economics , Paper 20230525b

Report
Tuition, Debt, and Human Capital
Chakrabarti, Rajashri; Liberman, Andres; Yannelis, Constantine; Fos, Vyacheslav (2020-02-01)
This paper investigates the eﬀects of college tuition on student debt and human capital accumulation. We exploit data from a random sample of undergraduate students in the United States and implement a research design that instruments for tuition with relatively large changes to the tuition of students who enrolled at the same school in diﬀerent cohorts. We ﬁnd that $10,000 in higher tuition causally reduces the probability of graduating with a graduate degree by 6.2 percentage points and increases student debt by $2,961. Higher tuition also reduces the probability of obtaining an ...
Staff Reports , Paper 912

Report
Personal Bankruptcy Protection and Household Debt
Severino, Felipe; Brown, Meta; Chakrabarti, Rajashri (2024-04-01)
Increasing personal bankruptcy protection raises consumers’ desire to borrow and lenders’ cost of extending credit; the impact on equilibrium borrowing is ambiguous. Using bankruptcy protection changes between 1999 and 2005 across U.S. states, we find that borrowers respond to greater protection by increasing their unsecured debt. Border county estimates suggest that local economic conditions do not drive these results. Borrowers pay more for protection through higher interest rates, yet delinquency is unaffected. Remarkably, our results indicate that rising borrower demand outstripped ...
Staff Reports , Paper 1099

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