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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
Inequality in the Time of COVID-19: Evidence from Mortgage Delinquency and Forbearance
Geng, Liang; Cordell, Lawrence R.; An, Xudong; Lee, Keyoung (2021-03-02)
Using a novel database that combines mortgage servicing records, credit-bureau data, and loan application information, we show that lower-income and minority borrowers have signiﬁcantly higher nonpayment rates during the COVID-19 pandemic, even after controlling for conventional risk factors. A difference-in-differences analysis shows how much the pandemic has exacerbated income and racial inequalities. We then find that government and private-sector forbearance programs have mitigated these inequalities in the near term, as lower-income and minority borrowers have taken up the short-term ...
Working Papers , Paper 21-09

Report
The Limited Role of Intergenerational Transfers for Understanding Racial Wealth Disparities
Sabelhaus, John Edward; Thompson, Jeffrey P. (2023-03-07)
Transfers of wealth between generations—whether through inheritances or inter vivos gifts—are less important in explaining racial disparities in wealth than might be expected. While this factor looms large in the media’s discussions of racial inequality, it explains relatively little of the disparities evident in the data. One reason is that most people, regardless of race, receive no inheritance or other transfer of substantial value. In addition, most recipients of inheritances ultimately consume those bequests and do not plan to leave substantial gifts to their offspring. Further, ...
Current Policy Perspectives

Discussion Paper
Small Business Recovery after Natural Disasters
Hiti, Martin; Kramer, Claire; Sarkar, Asani (2022-09-06)
The first post of this series found that small businesses owned by people of color are particularly vulnerable to natural disasters. In this post, we focus on the aftermath of disasters, and examine disparities in the ability of firms to reopen their businesses and access disaster relief. Our results indicate that Black-owned firms are more likely to remain closed for longer periods and face greater difficulties in obtaining the immediate relief needed to cope with a natural disaster.
Liberty Street Economics , Paper 20220906b

Journal Article
Understanding the Linkages between Climate Change and Inequality in the United States
Avtar, Ruchi; Blickle, Kristian S.; Chakrabarti, Rajashri; Janakiraman, Janavi; Pinkovskiy, Maxim L. (2023-06-01)
The authors conduct a review of the existing academic literature to outline possible links between climate change and inequality in the United States. First, researchers have shown that the impact of both physical and transition risks may be uneven across location, income, race, and age. This is driven by a region’s geography as well as its ability to adapt. Second, measures that individuals and governments take to adapt to climate change and to transition to lower emissions risk increasing inequality. Finally, while federal aid and insurance coverage can mitigate the direct impact of ...
Economic Policy Review , Volume 29 , Issue 1 , Pages 1-39

Working Paper
The Optimal Taxation of Business Owners
Phelan, Tom (2019-11-19)
Business owners in the United States are disproportionately represented among the very wealthy and are exposed to substantial idiosyncratic risk. Further, recent evidence indicates business income primarily reflects returns to the human (rather than financial) capital of the owner. Motivated by these facts, this paper characterizes the optimal taxation of income and wealth in an environment where business income depends jointly on innate ability, luck, and the accumulated past effort exerted by the owner. I show that in (constrained) efficient allocations, more productive entrepreneurs ...
Working Papers , Paper 19-26

Working Paper
Updating the Racial Wealth Gap
Thompson, Jeffrey P.; Suarez, Gustavo A. (2015-08-22)
Using newly available data from the Survey of Consumer Finances, this paper updates and extends the literature exploring the racial wealth gap. We examine several hypotheses proposed by previous researchers, including the importance of inherited wealth and other family support and that of trends in local real estate markets, and also extend the literature by exploring the gap across the distribution of wealth and simultaneously considering white, African American and Hispanic households. The findings indicate that observable factors account for all of wealth gap between white and Hispanic ...
Finance and Economics Discussion Series , Paper 2015-76

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

Journal Article
College Is Not Enough: Higher Education Does Not Eliminate Racial and Ethnic Wealth Gaps
Emmons, William R.; Ricketts, Lowell R. (2017)
Differences in college and post-graduate degree attainment alone explain less than half of Black-White and Hispanic-White wealth gaps in a standard wealth regression. Differences in family structure and measures of luck such as income windfalls and inheritances explain even less. Measures of financial decisionmaking, such as the share of housing in total assets and debt ratios, are much more important.
Review , Volume 99 , Issue 1

Working Paper
The Illusion of School Choice: Empirical Evidence from Barcelona
Guell, Maia; Calsamiglia, Caterina (2014-05-08)
School choice aims to improve (1) the matching between children and schools and (2) students? educa-tional outcomes. Yet, the concern is that disadvantaged families are less able to exercise choice, which raises (3) equity concerns. The Boston mechanism (BM) is a procedure that is widely used around the world to resolve overdemands for particular schools by defining a set of priority points based on neigh-borhood and socioeconomic characteristics. The mechanism design literature has shown that under the BM, parents may not have incentives to provide their true preferences, thereby ...
Working Papers , Paper 712

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