Center for Microeconomic Data


Researchers with the Center for Microeconomic Data (CMD) focus on developing and advancing techniques for measuring economic conditions, expectations, and behavior at the consumer level. Core projects include two large data collection efforts: the New York Fed Consumer Credit Panel and the Survey of Consumer Expectations. The former provides granular, high-frequency data on household debt and credit conditions in the United States drawn from analysis of anonymized credit reports; the latter offers a picture of U.S. consumers’ perceptions of and expectations for the economy and their own financial circumstances.

This website serves as a central hub for sharing CMD reports, dynamic charts, project news, data for download, and analysis and presentations informed by the underlying data. Since its inception, the CMD has become an important resource for insights on topics including the economic implications of rising student debt. The center is also a provider of unique statistics, such as those that shed light on earnings growth and job search behavior.


The CMD launched at the New York Fed in 2013 with an aim to:


  • Develop and use microeconomic data and microeconometric techniques to investigate key decisions taken by individuals and firms, and to analyze the impact of fiscal and monetary policy on individual agents.
  • Provide new insights into the nature and status of household deleveraging.
  • Contribute to the Fed’s mission of financial stability by supporting the development and application of econometric models of household loan defaults
  • Produce high quality research that contributes to the general policy debate (such as on student loans).
  • Engage the academic community in the Bank’s policy decisions through conferences and seminars.