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Abstract: Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: This paper reviews the behavioral literature on inter-temporal choice and decision making under uncertainty and assesses the evidence on behavioral influences affecting consumers' credit decisions. The evidence reviewed suggests that consumers often do not consider all information More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: This paper demonstrates the important role of job displacement in the household bankruptcy decision. I develop a dynamic, forward-looking model of unemployment and bankruptcy where persistent negative income shocks increase a household's likelihood of filing for bankruptcy both More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: The downturn in economic activity in the U.S. that began in December 2007 (as determined by researchers with the National Bureau of Economic Research) has been noticeably deeper and has already lasted considerably longer than the prior two recessions--those beginning in July 1990 and in More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Using the Panel Study of Income Dynamics, we document that, controlling for observable characteristics, household investors' likelihood of entering the stock market within the next five years is about 30 percent higher if their parents or children had entered the stock market during the More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Only about one-fifth of respondents in the Reuters/University of Michigan survey report that the 2008 tax rebates led them to mostly increase spending, while over half said it would lead them to mostly pay off debt. Of those in the mostly-spend category, the response was swift, with over More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Reverse mortgages allow elderly homeowners to tap into their housing wealth without having to sell or move out of their homes. However, very few eligible homeowners have used reverse mortgages to achieve consumption smoothing until recently when the reverse mortgage market in the United More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Using a proprietary dataset of credit bureau records, Cohen-Cole (2008) finds that banks set credit limits on revolving accounts based in part on the racial composition of the neighborhood in which each borrower resides. This paper evaluates the evidence presented in that working paper More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: This paper presents data from a new survey of low- and moderate-income households in Detroit to examine bank account usage and alternative financial service (AFS) products. We find that for the vast majority of households, annual outlays on financial services for transactional and credit More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: A large and growing number of low-to-moderate income U.S. households rely upon alternative financial service providers (AFSPs) for a variety of credit products and transaction services, including payday loans, pawn loans, automobile title loans, tax refund anticipation loans and More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012