Search Results
Journal Article
Deferred cash compensation: enhancing stability in the financial services industry
Mehran, Hamid; Tracy, Joseph
(2016-08)
Employees in financial firms are compensated for creating value for the firm, but firms themselves also serve a public interest. This tension can lead to issues that could impose a significant risk to the firm and the public. The authors describe three channels through which deferred cash compensation can mitigate such risk: by promoting a conservative approach to risk, by inducing internal monitoring, and by creating a liquidity buffer. Ultimately, the net contribution of deferred cash pay to financial stability is the sum of the effects of the three channels. The authors argue that a ...
Economic Policy Review
, Issue Aug
, Pages 61-75
Discussion Paper
Who’s on First? Characteristics of First-Time Homebuyers
Tracy, Joseph; Lee, Donghoon
(2019-04-10)
In our previous post, we presented a new measure of first-time homebuyers. In this post, we use this improved measure to describe the characteristics of first-time buyers and how those characteristics change over time. Having an accurate assessment of first-time buyers is important given that the aim of many housing policies is to support the transition from renting to owning. A proper assessment of these housing policies requires an understanding of the impact of these policies on the share of first-time buyers and the characteristics of these buyers. Our third post will directly examine ...
Liberty Street Economics
, Paper 20190410
Working Paper
Heterogeneity and the Effects of Aggregation on Wage Growth
Rich, Robert W.; Tracy, Joseph
(2022-08-02)
This paper focuses on the implications of alternative methods of aggregating individual wage data for the behavior of economy-wide wage growth. The analysis is motivated by evidence of significant heterogeneity in individual wage growth and its cyclicality. Because of this heterogeneity, the choice of aggregation will affect the properties of economy-wide wage growth measures. To assess the importance of this consideration, we provide a decomposition of wage growth into aggregation effects and composition effects and use the decomposition to compare growth in an average wage—specifically ...
Working Papers
, Paper 2211
U.S. Labor Market Slack Created by COVID-19 Pandemic Has Been Absorbed
Howard, Sean; Rich, Robert W.; Tracy, Joseph
(2021-10-07)
The weaker-than-expected August labor market report should not obscure the labor market’s ongoing and significant progress while recovering from the COVID-19 pandemic.
Dallas Fed Economics
Journal Article
Stocks in the household portfolio: a look back at the 1990s
Tracy, Joseph; Schneider, Henry
(2001-04)
The growing prominence of stocks as a household asset in the 1990s encouraged the view that the United States had become a nation of zealous investors alert to every market development and eager to acquire new stocks. Yet an analysis of the factors behind the rise in the household equity share suggests that exceptionally high returns on stocks_rather than aggressive investment behavior_accounted for much of the increased importance of stocks.
Current Issues in Economics and Finance
, Volume 7
, Issue Apr
Journal Article
A look at real housing prices and incomes: some implications for housing affordability and quality
Tracy, Joseph; Gyourko, Joseph
(1999-09)
This paper was presented at the conference "Unequal incomes, unequal outcomes? Economic inequality and measures of well-being" as part of session 2, " Affordability of housing for young and poor families." The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The authors report that the cost of good housing has risen for low-income individuals. The National Association of Realtors affordability index shows that affordability conditions are better today than at any time in the past twenty-five years. However, Gyourko and Tracy's analysis suggests that this ...
Economic Policy Review
, Volume 5
, Issue Sep
, Pages 63-77
Report
The relationship between expected inflation, disagreement, and uncertainty: evidence from matched point and density forecasts
Rich, Robert W.; Tracy, Joseph
(2006-07-01)
This paper examines matched point and density forecasts of inflation from the Survey of Professional Forecasters to analyze the relationship between expected inflation, disagreement, and uncertainty. We extend previous studies through our data construction and estimation methodology. Specifically, we derive measures of disagreement and uncertainty by using a decomposition proposed in earlier research by Wallis and by applying the concept of entropy from information theory. We also undertake the empirical analysis within a seemingly unrelated regression framework. Our results offer mixed ...
Staff Reports
, Paper 253
Working Paper
A Closer Look at the Behavior of Uncertainty and Disagreement: Micro Evidence from the Euro Area
Tracy, Joseph; Rich, Robert W.
(2018-09-28)
This paper examines point and density forecasts of real GDP growth, inflation and unemployment from the European Central Bank?s Survey of Professional Forecasters. We present individual uncertainty measures and introduce individual point- and density-based measures of disagreement. The data indicate substantial heterogeneity and persistence in respondents? uncertainty and disagreement, with uncertainty associated with prominent respondent effects and disagreement associated with prominent time effects. We also examine the co-movement between uncertainty and disagreement and find an ...
Working Papers (Old Series)
, Paper 1813
Journal Article
Are stocks overtaking real estate in household portfolios?
Tracy, Joseph; Schneider, Henry; Chan, Sewin
(1999-04)
The rapid growth of the stock market since 1990 has encouraged the view that corporate equity holdings are becoming the primary asset for a broad spectrum of American households. A closer look at the evidence, however, reveals that real estate continues to eclipse stocks as a share of most households' portfolios.
Current Issues in Economics and Finance
, Volume 5
, Issue Apr
Report
Housing busts and household mobility
Tracy, Joseph; Gyourko, Joseph; Ferreira, Fernando
(2008)
Using two decades of American Housing Survey data from 1985 to 2005, we estimate the influence of negative home equity and rising mortgage interest rates on household mobility. We find that both factors lead to lower, not higher, mobility rates over time. The effects are economically large -- mobility is almost 50 percent lower for owners with negative equity in their homes. This finding does not imply that current concerns over defaults and homeowners having to relocate are entirely misplaced. It does indicate that, in the past, the mortgage lock-in effects of these two factors were dominant ...
Staff Reports
, Paper 350
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of New York 56 items
Federal Reserve Bank of Dallas 24 items
Federal Reserve Bank of Cleveland 8 items
Federal Reserve Bank of Atlanta 1 items
FILTER BY Series
Staff Reports 27 items
Dallas Fed Economics 20 items
Liberty Street Economics 15 items
Working Papers 7 items
Economic Policy Review 6 items
Current Issues in Economics and Finance 4 items
Speech 4 items
Economic Commentary 3 items
FRB Atlanta Working Paper 1 items
Southwest Economy 1 items
Working Papers (Old Series) 1 items
show more (6)
show less
FILTER BY Content Type
Report 27 items
Discussion Paper 15 items
Journal Article 14 items
Working Paper 9 items
Speech 4 items
FILTER BY Author
Rich, Robert W. 28 items
Haughwout, Andrew F. 13 items
Lee, Donghoon 13 items
Frame, W. Scott 11 items
Peach, Richard 8 items
Morris, Michael 7 items
Gyourko, Joseph 5 items
Gerardi, Kristopher S. 4 items
Howard, Sean 4 items
Vickery, James 4 items
Ferreira, Fernando 3 items
Fuster, Andreas 3 items
Goldberg, Linda S. 3 items
Mehran, Hamid 3 items
Wright, Joshua 3 items
Chan, Sewin 2 items
Clements, Michael 2 items
Dannels, Sam 2 items
Kahn, Matthew E. 2 items
Krohn, Mason 2 items
Mayer, Christopher J. 2 items
Mosser, Patricia C. 2 items
Naggert, Kristoph 2 items
Schneider, Henry 2 items
Sporn, John 2 items
Van der Klaauw, Wilbert 2 items
Abel, Joshua 1 items
Aragon, Diego 1 items
Cramton, Peter 1 items
Cunningham, Chris 1 items
Dechario, Toni 1 items
Dill, Jessica 1 items
Gilbukh, Sonia 1 items
Huang, Junfeng 1 items
Jones, Aquil 1 items
Landau, Rebecca 1 items
Manning, Steven 1 items
Okah, Ebiere 1 items
Orr, James A. 1 items
Sexton, Daniel 1 items
Song, Joseph 1 items
Sutherland, Sarah 1 items
show more (38)
show less
FILTER BY Jel Classification
G21 11 items
R31 10 items
R3 6 items
G28 5 items
G01 4 items
C10 3 items
C12 3 items
C53 3 items
D14 3 items
E37 3 items
H12 3 items
J33 3 items
C23 2 items
D1 2 items
D12 2 items
D13 2 items
E02 2 items
G32 2 items
J31 2 items
R21 2 items
C20 1 items
C22 1 items
C33 1 items
C40 1 items
E17 1 items
E21 1 items
E24 1 items
E47 1 items
F3 1 items
F31 1 items
F4 1 items
G1 1 items
G14 1 items
G2 1 items
G22 1 items
G34 1 items
G5 1 items
J3 1 items
J30 1 items
R23 1 items
R3;R1 1 items
show more (36)
show less
FILTER BY Keywords
Mortgages 14 items
Labor 13 items
Economic Conditions 10 items
first-time home buyers 10 items
COVID-19 9 items
Banking 7 items
Real Estate 7 items
Housing - Finance 6 items
Credit 5 items
mortgage 5 items
Default (Finance) 4 items
Finance 4 items
Housing - Prices 4 items
Recessions 4 items
Subprime mortgage 4 items
Uncertainty 4 items
density forecasts 4 items
point forecasts 4 items
Consumer Credit Panel 3 items
Economic conditions 3 items
Fannie Mae 3 items
Freddie Mac 3 items
Home ownership 3 items
Inflation (Finance) 3 items
financial crisis 3 items
government intervention 3 items
housing finance 3 items
ECB Survey of Professional Forecasters 2 items
Equity 2 items
FHA mortgages 2 items
Federal Housing Administration 2 items
Federal Open Market Committee 2 items
Foreclosure 2 items
Foreign exchange rates 2 items
GSE 2 items
Households 2 items
Housing 2 items
Inflation 2 items
Labor market 2 items
MBS 2 items
Monetary policy 2 items
Property tax 2 items
Saving and investment 2 items
Stocks 2 items
Unemployment 2 items
Wages 2 items
aggregation effects 2 items
composition effects 2 items
disagreement 2 items
forecast accuracy 2 items
homeownership 2 items
housing 2 items
labor contracts 2 items
mortgages 2 items
negative equity 2 items
pandemic 2 items
survey expectations 2 items
uncertainty 2 items
wage growth 2 items
wage-inflation Phillips curve 2 items
wages 2 items
Asset-backed financing 1 items
Bank failures 1 items
Bank investments 1 items
Bank liquidity 1 items
Banks and banking 1 items
Bayesian learning 1 items
Business cycles 1 items
COVID 1 items
Census 1 items
Collective bargaining 1 items
Construction industry 1 items
Consumption (Economics) 1 items
Consumption inequality 1 items
Density Forecasts 1 items
Disagreement 1 items
Discount window 1 items
Discrimination in mortgage loans 1 items
ECB-SPF 1 items
Economic forecasting 1 items
Economic indicators 1 items
Employee fringe benefits 1 items
Employment 1 items
European Central Bank 1 items
Exports 1 items
FHA 1 items
FRBNY Consumer Credit Panel 1 items
Federal Reserve System 1 items
Financial Crisis 1 items
Financial crises 1 items
Financial leverage 1 items
Financial markets 1 items
Financial services industry 1 items
Financial stability 1 items
Forecasting 1 items
GDP growth forecasts 1 items
Government spending policy 1 items
Government-Sponsored Enterprises 1 items
Headship Rate 1 items
Heterogeneity 1 items
Home Price Appreciation 1 items
Home equity loans 1 items
Homeownership Rate 1 items
House prices 1 items
Income 1 items
Income distribution 1 items
Interest rates 1 items
Inventories 1 items
Investments 1 items
Labor mobility 1 items
Labor productivity 1 items
Manufactures 1 items
Monetary Policy 1 items
Mortgage-backed securities 1 items
Point Forecasts 1 items
Public Finance 1 items
Rate of return 1 items
Real Estate Investors 1 items
Real property 1 items
Repurchase agreements 1 items
Risk 1 items
Secondary mortgage market 1 items
Statistics 1 items
Stock market 1 items
Stock options 1 items
Supply-side economics 1 items
Survey of Professional Forecasters (SPF) 1 items
Swaps (Finance) 1 items
Systemic risk 1 items
Variance forecasts 1 items
adjustable-rate mortgages 1 items
age-specific population growth 1 items
cities 1 items
cooperatives 1 items
data collection and modeling 1 items
data revisions 1 items
deferred cash compensation 1 items
dollar 1 items
economic forecasting 1 items
elasticity 1 items
exchange rates 1 items
female employees 1 items
financial market utility 1 items
financial stability 1 items
forecast revisions 1 items
forecasting 1 items
foreclosures 1 items
heterogeneity 1 items
home price 1 items
household education 1 items
household finances 1 items
housing costs 1 items
industry 1 items
inflation 1 items
inflation forecasts 1 items
inflation predictions 1 items
internal monitoring 1 items
judicial 1 items
labor market slack 1 items
monopsony 1 items
monotonicity tests 1 items
mortgage defaults 1 items
mortgage finance 1 items
non-judicial 1 items
options 1 items
performance bonds 1 items
persistent heterogeneity 1 items
prices 1 items
professional forecasters 1 items
quantitative methods 1 items
real estate investments 1 items
seemingly related regression 1 items
survey data 1 items
surveys 1 items
taxes 1 items
time series analysis 1 items
wage gaps 1 items
women employment 1 items
women wages 1 items
workers 1 items
show more (175)
show less