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Tag Archives: Household

Keeping Borrowers Current in a Pandemic

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Federal government actions in response to the pandemic have taken many forms. One set of policies is intended to reduce the risk that the pandemic will result in a housing market crash and a wave of foreclosures like the one that accompanied the Great Financial Crisis. An important and novel tool employed as part of these policies is mortgage forbearance, which provides borrowers the option to...

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Keeping Borrowers Current in a Pandemic

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Federal government actions in response to the pandemic have taken many forms. One set of policies is intended to reduce the risk that the pandemic will result in a housing market crash and a wave of foreclosures like the one that accompanied the Great Financial Crisis. An important and novel tool employed as part of these policies is mortgage forbearance, which provides borrowers the option to pause or...

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Who’s Ready to Spend? Constrained Consumption across the Income Distribution

David Dam, Davide Melcangi, Laura Pilossoph, and Will Schirmer Spending on goods and services that were constrained during the pandemic is expected to grow at a fast pace as the economy reopens. In this post, we look at detailed spending data to track which consumption categories were the most constrained by the pandemic due to social distancing. We find that, in 2019, high-income households typically spent relatively more on these pandemic-constrained goods and services. Our...

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Racial and Income Gaps in Consumer Spending following COVID-19

Ruchi Avtar, Rajashri Chakrabarti, Maxim Pinkovskiy, and Giorgio Topa This post is the first in a two-part series that seeks to understand whether consumer spending patterns during the COVID-19 pandemic evolved differentially across counties by race and income. As the pandemic hit and social distancing restrictions were put into place in March 2020, consumer spending plummeted. Subsequently, as social distancing restrictions began to be relaxed later in spring 2020, consumer...

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Who’s Ready to Spend? Constrained Consumption across the Income Distribution

David Dam, Davide Melcangi, Laura Pilossoph, and Will Schirmer Spending on goods and services that were constrained during the pandemic is expected to grow at a fast pace as the economy reopens. In this post, we look at detailed spending data to track which consumption categories were the most constrained by the pandemic due to social distancing. We find that, in 2019, high-income households typically spent relatively more on these pandemic-constrained goods and services. Our findings...

Read More »

Racial and Income Gaps in Consumer Spending following COVID-19

Ruchi Avtar, Rajashri Chakrabarti, Maxim Pinkovskiy, and Giorgio Topa This post is the first in a two-part series that seeks to understand whether consumer spending patterns during the COVID-19 pandemic evolved differentially across counties by race and income. As the pandemic hit and social distancing restrictions were put into place in March 2020, consumer spending plummeted. Subsequently, as social distancing restrictions began to be relaxed later in spring 2020, consumer spending started...

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Credit Card Balance Declines Are Largest Among Older, Wealthier Borrowers

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Total household debt rose by $85 billion in the first quarter of 2021, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Since the start of the pandemic, household debt balances have increased in every quarter but one—the second quarter of 2020, when lockdowns were in full effect. The Quarterly Report and this analysis are based on...

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Credit Card Balance Declines Are Largest Among Older, Wealthier Borrowers

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Total household debt rose by $85 billion in the first quarter of 2021, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Since the start of the pandemic, household debt balances have increased in every quarter but one—the second quarter of 2020, when lockdowns were in full effect. The Quarterly Report and this analysis are based on the New York...

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How COVID-19 Affected First-Time Homebuyers

Donghoon Lee and Joseph Tracy Efforts in the spring of 2020 to contain the spread of COVID-19 resulted in a sharp contraction in U.S. economic growth and an unprecedented, rapid rise in unemployment. While the first wave of the pandemic slowed the spring housing market, home sales rebounded sharply over the rest of the year, with strong gains in house prices. Given the rising house prices and continuing high unemployment, concerns arose that COVID-19 may have negatively affected...

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How COVID-19 Affected First-Time Homebuyers

Donghoon Lee and Joseph Tracy Efforts in the spring of 2020 to contain the spread of COVID-19 resulted in a sharp contraction in U.S. economic growth and an unprecedented, rapid rise in unemployment. While the first wave of the pandemic slowed the spring housing market, home sales rebounded sharply over the rest of the year, with strong gains in house prices. Given the rising house prices and continuing high unemployment, concerns arose that COVID-19 may have negatively affected first-time...

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