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Keywords:Finance, Personal 

Working Paper
The household spending response to the 2003 tax cut: evidence from survey data

The Jobs and Growth Tax Relief and Reconciliation Act of 2003 has been described as textbook fiscal stimulus. Using household survey data on the self-reported qualitative response to the tax cuts, we estimate that the boost to aggregate personal consumption expenditures from the child credit rebate and the reduction in withholdings raised the average level of real GDP in the second half of 2003 by 0.2 percent and by 0.3 percent in the first half of 2004. We also show that households in the survey were well aware of their tax cuts and tended to spend equally out of the child credit rebate and ...
Finance and Economics Discussion Series , Paper 2005-32

Journal Article
Consumption, saving and asset accumulation

Economic Review , Issue Win , Pages 37-54

Conference Paper
The macroeconomic transition to high household debt - comments

Proceedings , Issue Nov

Enhancing payment system speed, efficiency and security

Keynote remarks at the TCH Annual Payments Symposium and Business Meeting, New York City.
Speech , Paper 111

Working Paper
Personal-bankruptcy cycles

This paper estimates the dynamics of the personal-bankruptcy rate over the business cycle by exploiting large cross-state variation in recessions and bankruptcies. We find that bankruptcy rates are significantly higher than normal during a recession and rise as a recession persists. After a recession ends, there is a hangover whereby bankruptcy rates begin to fall but remain above normal for several more quarters. Recovery periods see a strong bounce-back effect with bankruptcy rates significantly below normal for several quarters. Despite the significant increases in bankruptcies that occur ...
Working Papers , Paper 2010-010

Journal Article
Measuring IDA program's impact

Since 2007, the state of New Mexico has invested $2.45 million to support Individual Development Accounts (IDAs) for New Mexico savers. This funding provides a much-needed local match required by federal IDA funding, which was awarded through the Assets for Independence Act.
e-Perspectives , Issue 2

Journal Article
Kids Bank encourages early saving in Fort Worth

A unique partnership between Unity One Federal Credit Union and Fort Worth's Washington Heights Elementary School created a "Kids Bank" that encourages savings and teaches children valuable financial skills that will benefit them for a lifetime.
e-Perspectives , Issue 4

Payday holiday: how households fare after payday credit bans

Payday loans are widely condemned as a ?predatory debt trap.? We test that claim by researching how households in Georgia and North Carolina have fared since those states banned payday loans in May 2004 and December 2005. Compared with households in all other states, households in Georgia have bounced more checks, complained more to the Federal Trade Commission about lenders and debt collectors, and filed for Chapter 7 bankruptcy protection at a higher rate. North Carolina households have fared about the same. This negative correlation?reduced payday credit supply, increased credit ...
Staff Reports , Paper 309

Journal Article
Personal bankruptcy: the new American pastime?

This year has been a great one for major league baseball. In the game of personal finances, however, it's been a bust. Why are so many Americans swinging for the fences, but whiffing instead?
The Regional Economist , Issue Oct , Pages 12-13



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