Introduction to Heterogeneity Series III: Credit Market Outcomes

Rajashri Chakrabarti

No 20200707b, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: 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.

Keywords: student debt; housing; mortgage; medicare (search for similar items in EconPapers)
JEL-codes: I24 Q12 R31 (search for similar items in EconPapers)
Date: 2020-07-07
New Economics Papers: this item is included in nep-ias and nep-ure
Note: Heterogeneity Series III: Credit Market Outcomes
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