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Working Paper
Urban Renewal and Inequality: Evidence from Chicago’s Public Housing Demolitions
Almagro, Milena; Chyn, Eric; Stuart, Bryan (2023-09-13)
This paper studies one of the largest spatially targeted redevelopment efforts implemented in the United States: public housing demolitions sponsored by the HOPE VI program. Focusing on Chicago, we study welfare and racial disparities in the impacts of demolitions using a structural model that features a rich set of equilibrium responses. Our results indicate that demolitions had notably heterogeneous effects where welfare decreased for low-income minority households and increased for White households. Counterfactual simulations explore how housing policy mitigates negative effects of ...
Working Papers , Paper 23-19

Working Paper
Effects of Wildfire Destruction on Migration, Consumer Credit, and Financial Distress
McConnell, Kathryn; Fussell, Elizabeth; DeWaard, Jack; Whitaker, Stephan; Curtis, Katherine; Price, Kobie; St. Denis, Lise; Balch, Jennifer (2021-12-27)
The scale of wildfire destruction has grown exponentially in recent years, destroying nearly 25,000 buildings in the United States during 2018 alone. However, there is still limited research exploring how wildfires affect migration patterns and household finances. In this study, we evaluate the effects of wildfire destruction on in-migration and out-migration probability at the Census tract level in the United States from 1999 to 2018. We then shift to the individual level and examine changes in homeownership, consumer credit usage, and financial distress among people whose neighborhood ...
Working Papers , Paper 21-29

Working Paper
The Persistent Employment Effects of the 2006-09 U.S. Housing Wealth Collapse
Bhattarai, Saroj; Schwartzman, Felipe; Yang, Choongryul (2019-03-08)
We show that the housing wealth collapse of 2006-09 had a persistent impact on employment across counties in the U.S. In particular, localities that had a larger loss in housing net worth during that period had more depressed employment as late as 2016, without a commensurate population response. The use of IV's and controls to identify the causal impact of the wealth shock amplifies those results, leading to an estimate that a 10 percent change in housing net worth between 2006 and 2009 causes a 4.5 percent decline in local employment by 2016, as compared with a 2006 baseline. We do not find ...
Working Paper , Paper 19-7

Working Paper
Internal Migration in the United States: A Comparative Assessment of the Utility of the Consumer Credit Panel
Whitaker, Stephan; Johnson, Janna; DeWaard, Jack (2018-03-23)
This paper demonstrates that credit bureau data, such as the Federal Reserve Bank of New York Consumer Credit Panel/Equifax (CCP), can be used to study internal migration in the United States. It is comparable to, and in some ways superior to, the standard data used to study migration, including the American Community Survey (ACS), the Current Population Survey (CPS), and the Internal Revenue Service (IRS) county-to-county migration data. CCP-based estimates of migration intensity, connectivity, and spatial focusing are similar to estimates derived from the ACS, CPS, and IRS data. The CCP can ...
Working Papers (Old Series) , Paper 1804

Working Paper
Natural Amenities, Neighborhood Dynamics, and Persistence in the Spatial Distribution of Income
Lin, Jeffrey; Lee, Sanghoon (2017-01-30)
We present theory and evidence highlighting the role of natural amenities in neighborhood dynamics, suburbanization, and variation across cities in the persistence of the spatial distribution of income. Our model generates three predictions that we confirm using a novel database of consistent-boundary neighborhoods in U.S. metropolitan areas, 1880{2010, and spatial data for natural features such as coastlines and hills. First, persistent natural amenities anchor neighborhoods to high incomes over time. Second, naturally heterogeneous cities exhibit persistent spatial distributions of income. ...
Working Papers , Paper 17-3

Working Paper
Of Cities and Slums
Monge-Naranjo, Alexander; Torres de Mello Pereira, Luciene; Cavalcanti Ferreira, Pedro (2016-10-01)
The emergence of slums is a common feature in a country's path towards urbanization, structural transformation and development. Based on salient micro and macro evidence of Brazilian labor, housing and education markets, we construct a simple model to examine the conditions for slums to emerge. We then use the model to examine whether slums are barriers or stepping stones for lower skilled households and for the development of the country as a whole. We calibrate our model to explore the dynamic interaction between skill formation, income inequality and structural transformation with the rise ...
Working Papers , Paper 2016-22

Report
Geographical reallocation and unemployment during the Great Recession: the role of the housing bust
Rhee, Serena; Karahan, Fatih (2013)
This paper quantitatively evaluates the hypothesis that the housing bust in 2007 decreased geographical reallocation and increased the dispersion and level of unemployment during the Great Recession. We construct an equilibrium model of multiple locations with frictional housing and labor markets. When house prices fall, the amount of home equity declines, making it harder for homeowners to afford the down payment on a new house after moving. Consequently, the decline in house prices reduces migration and causes unemployment to rise differently in different locations. The model accounts for ...
Staff Reports , Paper 605

Working Paper
Labor Market Effects of Credit Constraints: Evidence from a Natural Experiment
Kumar, Anil; Liang, Che-Yuan (2019-05-16)
We exploit the 1998 and 2003 constitutional amendment in Texas—allowing home equity loans and lines of credit for non-housing purposes—as natural experiments to estimate the effect of easier credit access on the labor market. Using state-level as well as micro data and the synthetic control approach, we find that easier access to housing credit led to a notably lower labor force participation rate between 1998 and 2007. We show that our findings are remarkably robust to improved synthetic control methods based on insights from machine learning. We explore treatment effect heterogeneity ...
Working Papers , Paper 1810

Report
Shared knowledge and the coagglomeration of occupations
Gabe, Todd M.; Abel, Jaison R. (2013-04-01)
This paper provides an empirical analysis of the extent to which people in different occupations locate near one another, or coagglomerate. We construct pairwise Ellison-Glaeser coagglomeration indices for U.S. occupations and use these measures to investigate the factors influencing the geographic concentration of occupations. The analysis is conducted separately at the metropolitan area and state levels of geography. Empirical results reveal that occupations with similar knowledge requirements tend to coagglomerate and that the importance of this shared knowledge is larger in metropolitan ...
Staff Reports , Paper 612

Working Paper
Understanding the Long-Run Decline in Interstate Migration: Online Appendix
Schulhofer-Wohl, Sam; Kaplan, Greg (2015-06-01)
This appendix contains eight sections. Section 1 gives technical details of how we calculate standard errors in the CPS data. Section 2 discusses changes in the ACS procedures before 2005. Section 3 examines demographic and economic patterns in migration over the past two decades, in more detail than in the main paper. Section 4 examines the cross-sectional variance of location-occupation interactions in earnings when we define locations by MSAs instead of states. Section 5 describes alternative methods to estimate the variance of location-occupation interactions in income. Section 6 measures ...
Working Papers , Paper 725

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