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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

Working Paper
Marriage Market Sorting in the U.S.
Cheremukhin, Anton A.; Restrepo-Echavarria, Paulina; Tutino, Antonella (2023-09)
We study the multidimensional sorting of males and females in the U.S. marriage market over the past decade using a model of targeted search. We find strong vertical sorting on income and education, and horizontal sorting on race. We find that women put significant effort into targeting men at the top of the desirability scale, while men put less effort and target women with similar characteristics. We find no improvement in quality of matching and no noticeable changes in sorting patterns or individual search behavior, despite rapid improvement in search technology. Finally, we find that ...
Working Papers , Paper 2023-023

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 ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-01

Working Paper
Marriage Market Sorting in the U.S.
Cheremukhin, Anton A.; Restrepo-Echavarria, Paulina; Tutino, Antonella (2024-09-10)
We examine shifts in the U.S. marriage market, assessing how online dating, demographic changes, and evolving societal norms influence mate choice and broader sorting trends. Using a targeted search model, we analyze mate selection based on factors such as education, age, race, income, and skill. Intriguingly, despite the rise of online dating, preferences, mate choice, and overall sorting patterns showed negligible change from 2008 to 2021. However, a longer historical view from 1960 to 2020 reveals a trend toward preferences for similarity, particularly concerning income, education, and ...
Working Papers , Paper 2023-023

Speech
Building an Equitable Future
Williams, John C. (2020-09-24)
Remarks at Economic Inequality Policy Forum: The Impacts of COVID-19 on Communities of Color and Policy Insights for an Equitable Economic Recovery (delivered via videoconference).
Speech

Working Paper
The Covid-19 Pandemic Spurred Growth in Automation: What Does this Mean for Minority Workers?
Broady, Kristen; Booth-Bell, Darlene; Barr, Anthony; Perry, Ryan (2023-02-27)
The Covid-19 pandemic has accelerated trends in automation as many employers seek to save on labor costs amid widespread illness, increased worker leverage, and market pressures to onshore supply chains. While existing research has explored how automation may displace non-specialized jobs, there is typically less attention paid to how this displacement may interact with preexisting structural issues around racial inequality. This analysis updates that of a 2021 Brookings paper by the authors, finding that Black and Hispanic workers continue to be overrepresented in the 30 occupations with the ...
Working Paper Series , Paper WP 2023-06

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
Willen, Paul S.; Gerardi, Kristopher 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
The Impact of Minority Representation at Mortgage Lenders
Frame, W. Scott; Huang, Ruidi; Mayer, Erik J.; Sunderam, Adi (2022-06-21)
We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among loan officers. Minority borrowers are less likely to complete mortgage applications, have completed applications approved, and to ultimately take-up a loan. These disparities are significantly reduced when minority borrowers work with minority loan officers. Minority borrowers working with minority loan officers also have lower default rates. Our results ...
Working Papers , Paper 2207

Taking a Closer Look at Marital Status and the Earnings Gap
Vandenbroucke, Guillaume; Peake, Makenzie (2020-09-21)
Research suggests that married men’s higher income account for a significant portion of the U.S. gender earnings gap. Does this also hold when race is considered?
On the Economy

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