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COVID-19 Disruptions by Race, Ethnicity and Geography: An Update
Gutkowski, Violeta A. (2022-07-21)
In 2021, low- to moderate-income (LMI) communities of color were still more likely to report disruptions than LMI communities that were primarily white.
On the Economy

Journal Article
School District Expenditures and Race
Isaacson, Maggie; Rubinton, Hannah (2022-02-16)
On average, spending per student is very similar for Black and White students, yet schools with a higher share of Black students spend less per student on instruction.
Economic Synopses

Discussion Paper
Racial and Income Gaps in Consumer Spending following COVID-19
Avtar, Ruchi; Chakrabarti, Rajashri; Pinkovskiy, Maxim L.; Topa, Giorgio (2021-05-13)
This post is the first in a two-part series that seeks to understand whether consumer spending patterns during the COVID-19 pandemic evolved differentially across counties by race and income. As the pandemic hit and social distancing restrictions were put into place in March 2020, consumer spending plummeted. Subsequently, as social distancing restrictions began to be relaxed later in spring 2020, consumer spending started to rebound. We find that higher-income counties had a considerably steeper decline and a shallower recovery than low-income counties did. The differences by race were also ...
Liberty Street Economics , Paper 20210513a

Discussion Paper
Inequality in U.S. Homeownership Rates by Race and Ethnicity
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert (2020-07-08)
Homeownership has historically been an important means for Americans to accumulate wealth—in fact, at more than $15 trillion, housing equity accounts for 16 percent of total U.S. household wealth. Consequently, the U.S. homeownership cycle has triggered large swings in Americans’ net worth over the past twenty-five years. However, the nature of those swings has varied significantly by race and ethnicity, with different demographic groups tracing distinct trajectories through the housing boom, the foreclosure crisis, and the subsequent recovery. Here, we look into the dynamics underlying ...
Liberty Street Economics , Paper 20200708a

Discussion Paper
Negative equity in the Sixth Federal Reserve District
Raymond, Elora (2016-03-01)
Using Zillow's zip code level Negative Equity Report for the second quarter of 2014 and 2015, I map, describe, and analyze the characteristics of neighborhoods that have persistent negative equity in the Sixth Federal Reserve District, comprised of Alabama, Florida, and Georgia, and parts of Louisiana, Mississippi, and Tennessee. Persistent negative equity, when a house is worth less than outstanding mortgage debt, is high in the Sixth District and concentrated in urban areas. In a series of regressions, I evaluate the correlation of income, commute times, unemployment, housing stock quality, ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-1

Older Millennials Experience Pandemic Hardships Unequally
Ricketts, Lowell R.; Kent, Ana Hernández (2021-07-06)
For those born in the 1980s, hardships during COVID-19 can vary greater because of one’s race, ethnicity or educational attainment.
On the Economy

Journal Article
The Unequal Effect of Interest Rates by Race, Gender
Puig, Aina (2022-08-01)
Household spending typically falls as interest rates rise, but the responses vary by race and gender. Data show that households with mortgages headed by white women cut their spending on durable goods about a quarter percentage point in the three years following a 1 percentage point increase in interest rates. This is a much larger reduction than for households with mortgages headed by white men or Black men or women. The differences highlight the challenge of understanding how policy interest rate changes affect a diverse population.
FRBSF Economic Letter , Volume 2022 , Issue 19 , Pages 5

Discussion Paper
Unequal Burdens: Racial Differences in ICU Stress during the Third Wave of COVID-19
Avtar, Ruchi; Chakrabarti, Rajashri; Pinkovskiy, Maxim L. (2021-08-09)
A critical risk during the COVID-19 pandemic has been the possibility of the hospital system becoming overwhelmed. COVID-19 not only has killed nearly 2 percent of people with confirmed infections but causes many more who contract it to develop severe complications that are potentially fatal if not treated in an intensive care unit (ICU). As ICU capacity is based on typical needs for intensive care before the pandemic, a surge of COVID-related ICU patients may leave no room for individuals requiring intensive care for other reasons—such as heart attacks—or may exceed the total ICU ...
Liberty Street Economics , Paper 20210809

Working Paper
Mortgage Prepayment, Race, and Monetary Policy
Gerardi, Kristopher; Willen, Paul S.; Zhang, David Hao (2020-12-18)
During the period 2005 to 2020, Black borrowers with mortgages insured by Fannie Mae or Freddie Mac paid interest rates that were almost 50 basis points higher than those paid by non-Hispanic white borrowers. We show that the main reason is that non-Hispanic white borrowers are much more likely to exploit periods of falling interest rates by refinancing their mortgages or moving. Black and Hispanic white borrowers face challenges refinancing because, on average, they have lower credit scores, equity, and income. But even holding those factors constant, Black and Hispanic white borrowers ...
FRB Atlanta Working Paper , Paper 2020-22

Working Paper
Black Mayors and Crime
Sylvera, Craig (2023-11-14)
Local elections are often contested on the grounds of public safety, but do elected officials have any power to curb crime? Black mayors have particular interest in the issue because Black communities are victimized by high levels of crime and fragile police community relations. Using data on elections of first-time Black mayors, I find that police forces add more Black officers, a finding that is especially true for mayors with executive authority. Officers arrest 48 fewer potential Black offenders per 10,000 Black residents for crimes where they have the ability to exercise discretion, a ...
Working Papers , Paper 23-27

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