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Working Paper
The Assessment Gap: Racial Inequalities in Property Taxation
Howard, Troup; Avenancio-León, Carlos (2020-07-06)
We use panel data covering 118 million homes in the United States, merged with geolocation detail for 75,000 taxing entities, to document a nationwide "assessment gap" which leads local governments to place a disproportionate fiscal burden on racial and ethnic minorities. We show that holding jurisdictions and property tax rates fixed, black and Hispanic residents nonetheless face a 10-13% higher tax burden for the same bundle of public services. This assessment gap arises through two channels. First, property assessments are less sensitive to neighborhood attributes than market prices are. ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 34

Working Paper
Does it Pay to Send Multiple Pre-Paid Incentives? Evidence from a Randomized Experiment
Ma, Eva; Hsu, Joanne W.; Sjoblom, Micah; Chang, Andrew C.; Bachtell, Kate (2024-04-19)
To encourage survey participation and improve sample representativeness, the Survey of Consumer Finances (SCF) offers an unconditional pre-paid monetary incentive and separate post-paid incentive upon survey completion. We conducted a pre-registered between-subject randomized control experiment within the 2022 SCF, with at least 1,200 households per experimental group, to examine whether changing the pre-paid incentive structure affects survey outcomes. We assess the effects of: (1) altering the total dollar value of the pre-paid incentive (“incentive effect”), (2) giving two identical ...
Finance and Economics Discussion Series , Paper 2024-023

Working Paper
The COVID-19 Pandemic and Family Economic Well-being: Evidence from the Survey of Consumer Finances
Goodman, Sarena; Li, Gina; Moore, Kevin B.; Volz, Alice Henriques (2024-08-23)
The COVID-19 pandemic caused severe disruptions to the U.S. labor market and economic activity. We establish connections between family experiences of the pandemic, their income under normal conditions, and their later economic well-being using the 2022 Survey of Consumer Finances. By their interview, one-third of families experienced net employment declines, one-third had teleworked, and one-fifth had significant COVID-19-related health events. These experiences strongly reflected families’ positions in the income distribution, with lower-income families bearing the brunt. They also ...
Finance and Economics Discussion Series , Paper 2024-068

Working Paper
Credit Score Doctors
Hu, Luojia; Huang, Xing; Simonov, Andrei (2020-02-26)
We study how the existence of cutoffs in credit scores affects the behavior of homebuyers. Borrowers are more likely to purchase houses after their credit scores cross over a cutoff to qualify them for a higher credit score bin. However, the credit accounts of these individuals (crossover group) are more likely to become delinquent within four years following home purchases than the accounts of those who had stayed in the same bin (non-crossover group). The effect is not only concentrated in subprime bins, but in other bins as well. It is neither limited to pre-crisis period nor curtailed by ...
Working Paper Series , Paper WP-2020-07

Working Paper
Does Access to Free Pre-Kindergarten Increase Maternal Labor Supply?
Ilin, Elias; Shampine, Samantha; Terry, Ellyn (2022-02-02)
In this paper, we evaluate the effects of free pre-kindergarten (pre-K) programs on the labor force participation (LFP) of mothers. We use variation in pre-K rules across all US states, including income eligibility requirements in some states. To estimate the causal effects of access to pre-K on labor supply, we exploit the panel aspect of the monthly Current Population Survey between 2002 and 2019. Specifically, we look at the change in labor market behavior of women when their child becomes age-eligible for pre-K, controlling for individual factors. We find that access to free pre-K ...
FRB Atlanta Working Paper , Paper 2022-3

Working Paper
Who is Minding the Store? Order Routing and Competition in Retail Trade Execution
Huang, Xing; Jorion, Philippe; Lee, Jeongmin; Schwarz, Christopher (2024-09-20)
Using 150,000 actual trades, we study the U.S. equity retail broker-wholesaler market, focusing on brokers’ order routing and competition among wholesalers. We document substantial and persistent dispersion in execution costs across wholesalers within brokers. Despite this, many brokers hardly change their routing and even consistently send more orders to the more expensive wholesalers, although there is considerable variation among brokers. We also document a case where, after a new wholesaler enters, existing wholesalers significantly reduce their execution costs. Overall, our findings ...
Finance and Economics Discussion Series , Paper 2024-080

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