Are Financially Distressed Areas More Affected by COVID-19?

Rajashri Chakrabarti, William Nober and Maxim Pinkovskiy

No 20200817, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: 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.

Keywords: COVID-19; delinquency; auto loan; student loans; mortgage; credit cards (search for similar items in EconPapers)
JEL-codes: D14 Q12 (search for similar items in EconPapers)
Date: 2020-08-17
Note: Heterogeneity Series IV: COVID-19 and Credit Market Outcomes
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