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Working Paper
Wealth Distribution and Retirement Preparation among Early Savers
Thompson, Jeffrey P.; Moore, Kevin B.; Jacobs, Lindsay; Llanes, Elizabeth; Volz, Alice Henriques (2020-02-01)
This paper develops a new combined-wealth measure by augmenting data on net worth from the Survey of Consumer Finances with estimates of defined benefit (DB) pension and expected Social Security wealth. We use this concept to explore retirement preparation among two groups of households in pre-retirement years (aged 40 through 49 and 50 through 59), and to explore the concentration of wealth. We find evidence of moderate, but rising, shortfalls in retirement preparation. We also show that including DB pension and Social Security wealth results in markedly lower measures of wealth ...
Working Papers , Paper 20-4

Working Paper
The Age Gap in Mortgage Access
Amornsiripanitch, Natee (2023-02-28)
This paper uses data on millions of single-borrower mortgage applications to study the relationship between applicant age and mortgage application outcomes. Conditional on a rich set of applicant, property, and loan characteristics, mortgage refinance applications submitted by older borrowers are associated with higher rejection probabilities. This pattern holds within lender and across loan types. Rejection probability increases smoothly with age and accelerates in old age. The acceleration is slower for female applicants. Inability to maintain properties may contribute as older applicants ...
Working Papers , Paper 23-03

Working Paper
A Comparison of Living Standards Across the States of America
Nygaard, Vegard; Falcettoni, Elena (2020-05-22)
We use an expected utility framework to examine how living standards vary across the United States and how each state's living standards have evolved over time. Our welfare measure accounts for cross-state variations in mortality, consumption, education, inequality, and cost of living. We find that per capita income is a good indicator of living standards, with a correlation of 0.80 across states. Living standards in most states, however, appear closer to those in the richest states than their difference in per capita income would suggest. Whereas high-income states benefit from higher life ...
Finance and Economics Discussion Series , Paper 2020-041

Journal Article
Demographic Disparities in COVID-19 Disruptions: What Has Shaped Them?
Gutkowski, Violeta A. (2023-10-02)
This article uses the Community Impact Survey implemented by the Federal Reserve System in 2021 to identify COVID-19 disruptions on low- to moderate-income communities. I find that communities that were primarily of Color were more likely to be significantly disrupted by COVID-19 than White communities. I also assess the importance of certain challenges, such as returning to work or unequal access to government relief, in shaping the observed demographic differences in disruption.
Review , Volume 105 , Issue 4 , Pages 261-279

Discussion Paper
Did Changes to the Paycheck Protection Program Improve Access for Underserved Firms?
Kaplan, Nathan; Kramer, Claire; Sarkar, Asani (2022-07-06)
Prior research has shown that many small and minority-owned businesses failed to receive Paycheck Protection Program (PPP) loans in 2020. To increase program uptake to underserved firms, several changes were made to the PPP in 2021. Using data from the Federal Reserve Banks’ 2021 Small Business Credit Survey, we argue that these changes were effective in improving program access for nonemployer firms (that is, businesses with no employees other than the owner(s)). The changes may also have encouraged more applications from minority-owned firms, but they do not appear to have reduced ...
Liberty Street Economics , Paper 20220706

Working Paper
On the Optimality of Differential Asset Taxation
Phelan, Tom (2022-09-01)
How should a government balance risk-sharing and redistributive concerns with the need to provide incentives for investment? Should they tax firm profits or individual savings, or simply levy lump-sum transfers? I address these questions in an environment with entrepreneurs and workers in which output is subject to privately observed shocks and firm owners can both misreport profits and abscond with a fraction of assets. When frictions in financial markets restrict private risk-sharing, the stationary efficient allocation may be implemented in a competitive equilibrium with collateral ...
Working Papers , Paper 19-17R

Working Paper
Measuring Income and Wealth at the Top Using Administrative and Survey Data
Krimmel, Jacob; Bricker, Jesse; Sabelhaus, John Edward; Volz, Alice Henriques (2015-04-28)
Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the ...
Finance and Economics Discussion Series , Paper 2015-30

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
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

Working Paper
Who Bears Climate-Related Physical Risk?
Amornsiripanitch, Natee; Wylie, David (2023-11-30)
This paper combines data on current and future property-level physical risk from major climate-related perils (storms, floods, hurricanes, and wildfires) that owner-occupied single-family residences face with data on local economic characteristics to study the geographic and demographic distribution of such risks in the contiguous United States. Current expected damage from climate-related perils is approximately $19 billion per year. Severe convective storms and inland floods account for almost half of the expected damage. The central and southern parts of the U.S. are most exposed to ...
Working Papers , Paper 23-29

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