32 posts on "household finance"
February 13, 2018
Just Released: Great Recession’s Impact Lingers in Hardest‑Hit Regions
The New York Fed’s Center for Microeconomic Data today released our Quarterly Report on Household Debt and Credit for the fourth quarter of 2017. Along with this report, we have posted an update of state-level data on balances and delinquencies for 2017. Overall aggregate debt balances increased again, with growth in all types of balances except for home equity lines of credit. In our post on the first quarter of 2017 we reported that overall balances had surpassed their peak set in the third quarter of 2008—the result of a slow but steady climb from several years of sharp deleveraging during the Great Recession.
Posted at 11:00 am in Credit, Household Finance, Housing, Recession, Regional Analysis | Permalink | Comments (2)
January 17, 2018
Did Import Competition Boost Household Debt Demand?
In the years preceding the Great Recession, the United States experienced a dramatic rise in household debt and an unprecedented increase in import competition. In a recent staff report, we outline a link between these two seemingly unrelated phenomena. We argue that the displacement of workers exposed to import competition fueled their demand for mortgage credit, which left many households more vulnerable to the eventual downturn in the housing market.
February 22, 2016
Whither Mortgages?
Our most recent Quarterly Report on Household Debt and Credit showed that although total household debt has increased somewhat since 2012, that growth has been driven almost entirely by nonhousing debt—credit cards, auto loans and student loans.
August 24, 2015
Rethinking Mortgage Design
John Campbell, Andreas Fuster, David O. Lucca, Stijn Van Nieuwerburgh, and James Vickery Because mortgages make up the majority of household debt in most developed countries, mortgage design has important implications for macroeconomic policy and household welfare. As one example, most U.S. mortgages have fixed interest rates—if interest rates fall, existing borrowers need to refinance […]
July 13, 2015
The Survey of Consumer Expectations Turns Two!
The Federal Reserve Bank of New York’s Survey of Consumer Expectations (SCE) turned two years old in June.
April 16, 2015
Just Released: Press Briefing on Student Loan Borrowing and Repayment Trends, 2015
This morning, Jamie McAndrews, the Director of Research at the Federal Reserve Bank of New York, spoke to the press about the economic recovery, and his speech was followed by a special briefing by New York Fed economists on student loans. Here, we provide a short summary of the student loan briefing.
June 26, 2014
From Our Archive: Student Debt in Perspective
The Editors We read with interest a new Brookings Institution report, Is a Student Loan Crisis on the Horizon?, assessing the weight of the student debt burden. It was also pleasing to see the New York Times, several of our Twitter followers, and others citing work on this blog in counterpoint.
December 6, 2013
Introducing the FRBNY Survey of Consumer Expectations: Household Finance Expectations
In this fourth and final post in our series describing the new FRBNY Survey of Consumer Expectations (SCE), we present the final component of the survey, dedicated to household finance.
December 5, 2013
Introducing the FRBNY Survey of Consumer Expectations: Labor Market Expectations
In the previous two blog postings in this series, we described the goals, structure, and content of the new FRBNY Survey of Consumer Expectations (SCE) and presented some findings regarding inflation expectations.
December 4, 2013
Introducing the FRBNY Survey of Consumer Expectations: Measuring Price Inflation Expectations
In this second of a series of four blog postings, we discuss the data on inflation expectations collected in our new FRBNY Survey of Consumer Expectations (SCE).
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