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16 posts on "Demographics"

September 25, 2020

Investigating the Effect of Health Insurance in the COVID-19 Pandemic



Investigating the Effect of Health Insurance in the COVID-19 Pandemic

Does health insurance improve health? This question, while apparently a tautology, has been the subject of considerable economic debate. In light of the COVID-19 pandemic, it has acquired a greater urgency as the lack of universal health insurance has been cited as a cause of the profound racial gap in coronavirus cases, and as a cause of U.S. difficulties in managing the pandemic more generally. However, estimating the effect of health insurance is difficult because it is (generally) not assigned at random. In this post, we approach this question in a novel way by exploiting a natural experiment—the adoption of the Affordable Care Act (ACA) Medicaid expansion by some states but not others—to tease out the causal effect of a type of health insurance on COVID-19 intensity.

Continue reading "Investigating the Effect of Health Insurance in the COVID-19 Pandemic" »

Posted by Blog Author at 7:00 AM in Demographics, Inequality, Pandemic | Permalink | Comments (0)

August 19, 2020

Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?



Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?

In yesterday's post, we studied the expected debt relief from the CARES Act on mortgagors and student debt borrowers. We now turn our attention to the 63 percent of American borrowers who do not have a mortgage or student loan. These borrowers will not directly benefit from the loan forbearance provisions of the CARES Act, although they may be able to receive some types of leniency that many lenders have voluntarily provided. We ask who these borrowers are, by age, geography, race and income, and how does their financial health compare with other borrowers.

Continue reading "Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?" »

Posted by Blog Author at 7:00 AM in Credit, Demographics, Household Finance, Inequality, Pandemic | Permalink | Comments (0)

August 18, 2020

Debt Relief and the CARES Act: Which Borrowers Benefit the Most?



Debt Relief and the CARES Act: Which Borrowers Benefit the Most?

COVID-19 and associated social distancing measures have had major labor market ramifications, with massive job losses and furloughs. Millions of people have filed jobless claims since mid-March—6.9 million in the week of March 28 alone. These developments will surely lead to financial hardship for millions of Americans, especially those who hold outstanding debts while facing diminishing or disappearing wages. The CARES Act, passed by Congress on April 2, 2020, provided $2.2 trillion in disaster relief to combat the economic impacts of COVID-19. Among other measures, it included mortgage and student debt relief measures to alleviate the cash flow problems of borrowers. In this post, we examine who could benefit most (and by how much) from various debt relief provisions under the CARES Act.

Continue reading "Debt Relief and the CARES Act: Which Borrowers Benefit the Most?" »

August 17, 2020

Are Financially Distressed Areas More Affected by COVID-19?



Editor’s note: When this post was first published, the columns in the second table were mislabeled; the table has been corrected. (August 19, 9:30 a.m.)

Are Financially Distressed Areas More Affected by COVID-19?

Building upon our earlier Liberty Street Economics post, we continue to analyze the heterogeneity of COVID-19 incidence. We previously found that majority-minority areas, low-income areas, and areas with higher population density were more affected by COVID-19. The objective of this post is to understand any differences in COVID-19 incidence by areas of financial vulnerability. Are areas that are more financially distressed affected by COVID-19 to a greater extent than other areas? If so, this would not only further adversely affect the financial well-being of the individuals in these areas, but also the local economy. This post is the first in a three-part series looking at heterogeneity in the credit market as it pertains to COVID-19 incidence and CARES Act debt relief.

Continue reading "Are Financially Distressed Areas More Affected by COVID-19?" »

July 07, 2020

Introduction to Heterogeneity Series III: Credit Market Outcomes



Introduction to Heterogeneity Series III: Credit Market Outcomes

Average economic outcomes serve as important indicators of the overall state of the economy. However, they mask a lot of underlying variability in how people experience the economy across geography, or by race, income, age, or other attributes. Following our series on heterogeneity broadly in October 2019 and in labor market outcomes in March 2020, we now turn our focus to further documenting heterogeneity in the credit market. While we have written about credit market heterogeneity before, this series integrates insights on disparities in outcomes in various parts of the credit market. The analysis includes a look at differing homeownership rates across populations, varying exposure to foreclosures and evictions, and uneven student loan burdens and repayment behaviors. It also covers heterogeneous effects of policies by comparing financial health outcomes for those with access to public tuition subsidies and Medicare versus those not eligible. The findings underscore that a measure of the average, particularly relating to policy impact, is far from complete. Rather, a sharper picture of the diverse effects is essential to understanding the efficacy of policy.

Continue reading "Introduction to Heterogeneity Series III: Credit Market Outcomes" »

June 15, 2020

Distribution of COVID-19 Incidence by Geography, Race, and Income



Distribution of COVID-19 Incidence by Geography, Race, and Income

In this post, we study whether (and how) the spread of COVID-19 across the United States has varied by geography, race, income, and population density. Have urban areas been more affected by COVID-19 than rural areas? Has population density mattered in the spread? Has the coronavirus's impact varied by race and income? Our analysis uncovers stark demographic and geographic differences in the effects of the pandemic thus far.

Continue reading "Distribution of COVID-19 Incidence by Geography, Race, and Income" »

Posted by Blog Author at 7:00 AM in Demographics, Inequality, Pandemic, Regional Analysis | Permalink | Comments (0)

December 03, 2018

Just Released: A Closer Look at Recent Tightening in Consumer Credit



LSE_Just Released: A Closer Look at Recent Tightening in Consumer Credit


The Federal Reserve Bank of New York released results today from its October 2018 SCE Credit Access Survey, which provides information on consumers' experiences with and expectations about credit demand and credit access. The survey is fielded every four months and was previously fielded in June.

Continue reading "Just Released: A Closer Look at Recent Tightening in Consumer Credit" »

Posted by Blog Author at 11:00 AM in Credit, Demographics, Expectations, Household Finance, Mortgages | Permalink | Comments (2)

August 15, 2018

Will Demographic Headwinds Hobble China’s Economy?



LSE-will-demographic-headwinds-hobble-chinas-economy

China’s population is only growing at a 0.5 percent annual rate, its working-age cohort (ages 15 to 64) is shrinking, and the share of the population that is 65 and over is rising rapidly. Together, these trends will act as a significant restraint on the country’s economic growth. Nonetheless, there are reasons to conclude that growth will remain relatively strong going forward, most notably because the ongoing shift from rural to urban jobs will continue to boost labor productivity for some time to come.

Continue reading "Will Demographic Headwinds Hobble China’s Economy?" »

Posted by Blog Author at 7:00 AM in Demographics, Macroecon | Permalink | Comments (0)

June 27, 2018

Why New York City Subway Delays Don’t Affect All Riders Equally



LSE_2018_Why New York City Subway Delays Don’t Affect All Riders Equally

The state of the New York City subway system has worsened considerably over the past few years. As a consequence of rising ridership and decaying infrastructure, the network is plagued by delays and frequently fails to deliver New Yorkers to their destinations on time. While these delays are a headache for anyone who depends on the subway to get around, they do not affect all riders in the same way. In this post, we explain why subway delays disproportionately affect low-income New Yorkers. We show that wealthier commuters who rely on the subway are less likely to experience extensive issues on their commutes.

Continue reading "Why New York City Subway Delays Don’t Affect All Riders Equally" »

May 17, 2018

Just Released: New York Fed Press Briefing Highlights Changes in Home Equity and How It’s Used



LSE_2018_Just Released: New York Fed Press Briefing Highlights Changes in Home Equity and How It’s Used

At a press briefing this morning, economists at the New York Fed focused on the evolution of housing wealth and its use as collateral. Their comments came in connection with the Center for Microeconomic Data’s release of its Quarterly Report on Household Debt and Credit for the first quarter of this year. The briefing opened with remarks from Director of Research Beverly Hirtle, who described the importance of housing wealth and how it has evolved since 2000. Bank economists then explored the data on housing wealth more deeply in this presentation, which includes three parts: (1) an overview of recent developments on household balance sheets, with a focus on housing values and mortgage debt; (2) a discussion of how housing wealth has changed over time and how it is distributed across households; and (3) facts on the changing nature of how households have used their home equity.

Continue reading "Just Released: New York Fed Press Briefing Highlights Changes in Home Equity and How It’s Used" »

Posted by Blog Author at 10:00 AM in Demographics, Household Finance, Mortgages | Permalink | Comments (0)
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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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