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Working Paper
Consumption smoothing among working-class American families before social insurance
Palumbo, Michael G.; Thomas, Mark; James, John A. (1999)
This paper examines whether the saving decisions of a large sample of working-class American families around the turn of the twentieth century are consistent with consumption smoothing tendencies in the spirit of the permanent income hypothesis. We develop two econometric models to decompose reported annual incomes from micro-data into expected and unexpected components, then we estimate marginal propensities to save out of each component of income. The two methodologies deliver similar regression estimates and reveal empirical patterns consistent with those reported in other recent research ...
Finance and Economics Discussion Series , Paper 1999-24

Speech
Panel Remarks: Supervisory and Regulatory Action to Support the Economy and Protect Consumers
Stiroh, Kevin J. (2020-04-23)
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Journal Article
How the U.S. economy resembles a (very) big business
Campbell, Jeffrey R. (2008-07)
This article presents basic tools for measuring different business lines? contributions to the U.S. economy?s business cycles, and it applies these to measure the exposure of a large conglomerate to macroeconomic risks.
Economic Perspectives , Volume 32 , Issue Q III , Pages 29-46

Newsletter
What similarities between siblings tell us about inequality in the U.S.
Mazumder, Bhashkar (2004-12)
The author finds that about half of earnings inequality in the U.S. can be explained by family and community influences during childhood. He also finds that these influences have become more important in recent decades.
Chicago Fed Letter , Issue Dec

Journal Article
Recent changes in U. S. family finances: results from the 1998 Survey of Consumer Finances
Surette, Brian J.; Starr-McCluer, Martha; Kennickell, Arthur B. (2000-01)
Using data from the Federal Reserve Board's two most recent Surveys of Consumer Finances, this article provides a detailed picture of changes in the financial condition of U.S. families between 1995 and 1998. The financial situation of families changed notably in the three-year period. While income continued a moderate upward trend, net worth grew strongly, and the increase in net worth was broadly shared by different demographic groups. A booming stock market accounts for a substantial part of the rise in net worth, but the data also suggest that improvements in financial circumstances ...
Federal Reserve Bulletin , Issue Jan

Working Paper
In Search of Lost Time Aggregation
Crawley, Edmund S. (2019-11-01)
In 1960, Working noted that time aggregation of a random walk induces serial correlation in the first difference that is not present in the original series. This important contribution has been overlooked in a recent literature analyzing income and consumption in panel data. I examine Blundell, Pistaferri and Preston (2008) as an important example for which time aggregation has quantitatively large effects. Using new techniques to correct for the problem, I find the estimate for the partial insurance to transitory shocks, originally estimated to be 0.05, increases to 0.24. This larger ...
Finance and Economics Discussion Series , Paper 2019-075

Conference Paper
Balancing growth with equity: the view from development
Duflo, Esther (2011)
Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
The distorting effects of the inflation premium on personal income and expenditures
Peek, Joe (1987-09)
New England Economic Review , Issue Sep , Pages 10-24

Newsletter
How Does the Gig Economy Support Entrepreneurship?
Wolla, Scott A. (2024-04)
Entrepreneurs take risks to develop new products and start new businesses. In the early phases of starting a business, when an entrepreneur’s income is sometimes lacking or unstable, the gig economy offers opportunities to supplement and smooth income. This Page One Economics® essay discusses this relationship, including some interesting research on the topic.
Page One Economics Newsletter

Journal Article
From John Lindsay to Rudy Giuliani: the decline of the local safety net?
Kahn, Matthew E.; Glaeser, Edward L. (1999-09)
This paper was presented at the conference "Unequal incomes, unequal outcomes? Economic inequality and measures of well-being" as part of session 4, "Economic inequality and local public services." The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The authors contend that the future scope of city-based redistributive policies is limited. An important way in which policymakers work to reduce inequality is by redistributing income from the wealthy to the poor, channeling income tax revenue into spending on welfare and other services. The authors suggest, ...
Economic Policy Review , Volume 5 , Issue Sep , Pages 117-132

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