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Abstract: We use a new and large panel dataset of household income to shed light on the permanent versus transitory nature of rising inequality in individual male labor earnings and in total household income, both before and after taxes, in the United States over the period 1987-2006. Due to the More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: American women tend to be less financially literate than men, which is consistent with a household division of labor in which men manage finances. However, women also tend to outlive their husbands, so they will eventually need to take over this task. Using a new survey of older couples, More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Since the beginning of the recent recession, the employment-population ratio for high-school age youth (16-17 years old) has fallen by nearly a third, to its lowest level ever. However, this recession has exacerbated a longer-run downward trend that actually began in the 1990s and More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: We study the effects of belief dispersion on stock trading volume. Unlike most of the existing work on the subject, our paper focuses on how household investors' disagreements on macroeconomic variables influence market-wide trading volume. We show that greater belief dispersion among More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: This paper examines the effects of credit availability on small firm survivability over the period 2004 to 2008 for non-publicly traded small enterprises. Using data from the 2003 Survey of Small Business Finances, we develop failure prediction models for a sample of small firms that were More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Despite the recent flood of foreclosures on residential mortgages, little is known about what happens to borrowers and their households after their mortgage has been foreclosed. We study the post-foreclosure experience of U.S. households using a unique dataset based on the credit reports More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Are consumers who have filed for personal bankruptcy before excluded from the unsecured credit market? Using a unique data set of credit card mailings, we directly explore the supply of unsecured credit to consumers with the most conspicuous default risk--those with a bankruptcy history. More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: We study the trend in household income uncertainty using a novel approach that measures income uncertainty as the variance of forecast errors at each future horizon separately without imposing parametric restrictions on the underlying income shocks. We find that household income More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Past research argues that changes in adjustable-rate mortgage (ARM) payments may lead households to cut back on consumption or to default on their mortgages. In this paper, we argue that these outcomes are more likely if ARM borrowers are borrowing constrained, and find that ARM borrowers More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: In 2009, the Federal Reserve Board implemented a survey of families that participated in the 2007 Survey of Consumer Finances (SCF) to gain detailed information on the effects of the recent recession on all types of households. Using data from the 2007-09 SCF panel, we highlight the More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012