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Economic Research

Recent Publications
Echoes of Rising Tuition in Students’ Borrowing, Educational Attainment, and Homeownership in Post-Recession America
This study examines how the rapid increase in college costs has affected the debt level, educational attainment, and post-schooling consumption of recent student cohorts. The authors’ findings are consistent with students having accommodated large positive shocks to college costs not by forgoing schooling, but instead by amassing substantially more student debt. Further analysis demonstrates how the tuition hike and additional debt affected the homeownership rate of the sample cohorts.
By Zachary Bleemer, Meta Brown, Donghoon Lee, Katherine Strair, and Wilbert van der Klaauw, Staff Reports 820, July 2017
The Shifting Drivers of Global Liquidity
The authors document important changes in the sensitivity of the main components of global liquidity—cross-border bank loans and international debt securities—to global factors. One key finding: Advanced-economy monetary policy became a more potent driver of both cross-border loan and international bond flows following the global financial crisis.
By Stefan Avdjiev, Leonardo Gambacorta, Linda S. Goldberg, and Stefano Schiaffi, Staff Reports 819, June 2017
Supply- and Demand-Side Factors in Global Banking
The authors employ a methodology that offers an exact decomposition of the growth in international bank credit into supply, demand, and common shocks for the period 2000-16. By decomposing bilateral growth rates, policymakers can quickly ascertain whether rapid increases or decreases in credit to a particular country are driven by systematic changes in the balance sheets of that country’s key creditor banking systems (supply shocks), or whether they are idiosyncratic for that country (demand shocks).
By Mary Amiti, Patrick McGuire, and David E. Weinstein, Staff Reports 818, June 2017
How Did China’s WTO Entry Benefit U.S. Consumers?
In this paper, the authors quantify the effect of China’s 2001 entry into the World Trade Organization on U.S. consumers. They find that China’s entry drove down the U.S. price index of manufactured goods by 7.6 percent—a decline that averaged about 1 percent annually between 2000 and 2006. The results show that most of the effect on the index is due to China’s reduction of its own input tariffs.
By Mary Amiti, Mi Dai, Robert C. Feenstra, and John Romalis, Staff Reports 817, June 2017
Access to Credit and Financial Health: Evaluating the Impact of Debt Collection

The authors analyze the effect of debt collection practices on both consumer credit and indicators of financial health.  They find consistent evidence that restricting collection activities leads to a decrease in access to credit and to a deterioration in indicators of financial health—including a rise in delinquent balances and decrease in credit scores.

By Julia Fonseca, Katherine Strair, and Basit Zafar, Staff Reports 814, May 2017
Investors’ Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform
The authors document the reaction of money market fund (MMF) investors and portfolio managers to a new SEC regulation that came into effect in October 2016. They attribute differences in behavior—compared with past outflows from prime and muni MMFs—to investors’ appetite for money-like assets, whose supply was impacted by the new regulation, as opposed to traditional flight-to-safety motives.
By Marco Cipriani, Gabriele La Spada, and Philip Mulder, Staff Reports 816, June 2017