ECONOMY

  • Auto Loan Delinquency Revs Up as Car Prices Stress Budgets

    Andrew Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, Wilbert van der Klaauw, and Crystal Wang The New York Fed’s Center for Microeconomic Data released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2023 this morning. Household debt balances grew by $212 billion over the last quarter. Although there was growth across most loan types, it…

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  • How and Why Do Consumers Use “Buy Now, Pay Later”?

    Felix Aidala, Daniel Mangrum, and Wilbert van der Klaauw In a previous post, we highlighted that financially fragile households are disproportionately likely to use “buy now, pay later” (BNPL) payment plans. In this post, we shed further light on BNPL’s place in its users’ household finances, with a particular focus on how use varies by a household’s level of financial…

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  • Measuring Treasury Market Depth – Liberty Street Economics

    Michael Fleming, Isabel Krogh, and Claire Nelson A commonly used measure of market liquidity is market depth, which refers to the quantity of securities market participants are willing to buy or sell at particular prices. The market depth of U.S. Treasury securities, in particular, is assessed in many analyses of market functioning, including this Liberty Street Economics post on liquidity…

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  • Racial and Ethnic Wealth Inequality in the Post-Pandemic Era

    By Rajashri Chakrabarti, Natalia Emanuel, and Ben Lahey Wealth is unevenly distributed across racial and ethnic groups in the United States. In this first post in a two-part series on wealth inequality, we use the Distributional Financial Accounts (DFA) to document these disparities between Black, Hispanic, and white households from the first quarter of 2019 to the third quarter of…

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  • Wealth Inequality by Age in the Post-Pandemic Era

    Rajashri Chakrabarti, Natalia Emanuel, and Ben Lahey Editor’s note: Since this post was first published, percentages cited in the first paragraph have been corrected. (February 7, 1pm) Following our post on racial and ethnic wealth gaps, here we turn to the distribution of wealth across age groups, focusing on how the picture has changed since the beginning of the pandemic.…

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  • Small Business Recovery after Natural Disasters in the Fed’s Second District

    Asani Sarkar A previous Liberty Street Economics post found that minority-owned small businesses in the Federal Reserve’s Second District have been particularly vulnerable to natural disasters. Here we focus on the aftermath of disasters (such as hurricanes, floods, wildfires, droughts, and winter storms) and examine disparities in the ability of these firms to reopen their businesses and access disaster relief.…

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  • Flood-Prone Basement Housing in New York City and the Impact on Low- and Moderate-Income Renters

    Claire Kramer Mills, Ambika Nair, and Julian di Giovanni Hurricane Ida, which struck New York in early September 2021, exposed the region’s vulnerability to extreme rainfall and inland flooding. The storm created massive damage to the housing stock, particularly low-lying units. This post measures the storm’s impact on basement housing stock and, following the focus on more-at-risk populations from the…

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  • Banks versus Hurricanes – Liberty Street Economics

    Peter Anagnostakos, Jason Bram, Benjamin Chan, Natalia Fischl-Lanzoni, Hasan Latif, James M. Mahoney, Don Morgan, Ladd Morgan, and Ivelisse Suarez The impacts of hurricanes analyzed in the previous post in this series may be far-reaching in the Second District. In a new Staff Report, we study how banks in Puerto Rico fared after Hurricane Maria struck the island on September…

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  • A Bayesian VAR Model Perspective on the Lagged Effect of Monetary Policy

    Richard Crump, Marco Del Negro, Keshav Dogra, Pranay Gundam, Donggyu Lee, Ramya Nallamotu, and Brian Pacula Over the last few years, the U.S. economy has experienced unusually high inflation and an unprecedented pace of monetary policy tightening. While inflation has fallen recently, it remains above target, and the economy continues to expand at a robust pace. Does the resilience of…

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  • The New York Fed DSGE Model Perspective on the Lagged Effect of Monetary Policy

    Richard Crump, Marco Del Negro, Keshav Dogra, Pranay Gundam, Donggyu Lee, Ramya Nallamotu, and Brian Pacula This post uses the New York Fed DSGE model to ask the question: What would have happened to interest rates, output, and inflation had the Federal Reserve been following an average inflation targeting (AIT)-type reaction function since 2021:Q2, when inflation began to rise—as opposed…

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