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 Are Minorities Disproportionate Users of Payday Credit?
In this post, the authors look at whether black and Hispanic households are in fact more likely to use payday credit. We find that, unconditionally, they are, but once we control for financial characteristics—such as past delinquency, debt-to-income ratios, and credit availability, blacks and Hispanics are not significantly more likely than whites to use payday credit.
By Donald P. Morgan and Kevin J. Pan |
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| Global Systemic Risk A conference jointly organized by the Federal Reserve Bank of New York, the Society for Financial Econometrics, and the Volatility Institute of New York University. The conference organizers encourage the submission of analytical papers focusing on any relevant aspect relating to the economics and econometrics of global systemic risk. |
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Recent Articles |
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 Why Is the U.S. Share of World Merchandise Exports Shrinking? As the U.S. share of the world goods trade slips from its level in the 1980s and 1990s, concerns have arisen that the productivity of U.S. exporters has not been growing as fast as that of foreign firms selling similar products. However, an analysis of industry-level trade data suggests that two other factors explain much of the drop in export share: the changing composition of the products traded internationally and the diminished share of U.S. GDP in global output. By Benjamin R. Mandel, Current Issues in Economics and Finance Second District Hightlights (18) 1, February 2012 |
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 Optimal Interest Rate Rules and Inflation Stabilization versus Price-Level Stabilization In this paper, the author compares the properties of interest rate rules such as simple Taylor rules and rules that respond to price-level fluctuations--called Wicksellian rules--in a basic forward-looking model. By Marc P. Giannoni, Staff Reports 546, January 2012 |
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| Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession In this paper, we examine how foreign banks pulled significant funding from their U.S. branches during the Great Recession. We estimate that the average-sized branch experienced a 12 percent net internal fund "withdrawal," with the fund transfer disproportionately bigger for larger branches. This internal shock to the balance sheets of U.S. branches of foreign banks had sizable effects on their lending. By Nicola Cetorelli and Linda Goldberg, Staff Reports 545, February 2012 |
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| Defaults and Losses on Commercial Real Estate Bonds during the Great Depression Era In this paper, we examine defaults and losses on commercial real estate bonds during the Great Depression era. By Tyler Wiggers and Adam B. Ashcraft, Staff Reports 544, February 2012 |
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| The Price is Right: Updating of Inflation Expectations in a Randomized Price Information Experiment In this paper, we investigate how consumers form and update their inflation expectations using a unique "information" experiment embedded in a survey. By Olivier Armantier, Scott Nelson, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar, Staff Reports 543, January 2012 |
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| Crime, House Prices, and Inequality: the Effect of UPPs in Rio In this paper, we use a recent policy experiment in Rio de Janeiro, the installation of permanent police stations in low-income communities (or favelas), to quantify the relationship between a reduction in crime and the change in the prices of nearby residential real estate. By Claudio Frischtak and Benjamin R Mandel, Staff Reports 542, January 2012 |
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| House Price Booms, Current Account Deficits, and Low Interest Rates In this paper, house price booms, current account deficits, and low interest rates are discussed. By Andrea Ferrero, Staff Reports 541, January 2012 |
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| Is Increased Price Flexibility Stabilizing? Redux In this paper, we study the implications of increased price flexibility on aggregate output volatility in a dynamic stochastic general equilibrium model (DSGE). By Saroj Bhattarai, Gauti Eggertsson, and Raphael Schoenle, Staff Reports 540, January 2012 |
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| Corporate Governance of Financial Institutions In this paper, we identify the tension between dueling expectations of financial institutions as value maximizing entities that also serve the public interest. By Hamid Mehran and Lindsay Mollineaux, Staff Reports 539, January 2012 |
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| Precarious Slopes? The Great Recession, Federal Stimulus, and New Jersey Schools In this paper, we start to fill the void. Studying school funding during the recession is of paramount importance because schools have a fundamental role in fostering human capital formation and economic growth. By Rajashri Chakrabarti and Sarah Sutherland, Staff Reports 538, January 2012 |
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| The Hitchhiker's Guide to Missing Import Price Changes and Pass-Through In this paper, we investigate downward biases that arise when items experiencing a price change are especially likely to exit or to enter the index. We show that, in theoretical pricing models, entry and exit have different implications for the timing and size of these biases. By Etienne Gagnon, Benjamin R Mandel, and Robert Vigfusson, Staff Reports 537, January 2012 |
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