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Fourth Quarter 2022

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Posted 2022-10-21

Disparities in COVID-19’s Impact on Employment and Household Consumption

by Andrea Flores and George-Levi Gayle

This article investigates the socio-demographic differences in household responses to the COVID-19 pandemic regarding employment and consumption. We find that the significant racial disparities in employment observed during the pandemic can be explained, in part, by differences in household income, composition, education, and occupational sorting.

Posted 2022-10-21

Financial Market Reactions to the Russian Invasion of Ukraine

by Christopher J. Neely

This article analyzes financial market reactions to the Russia-Ukraine war with a focus on the opening weeks. Markets did not completely anticipate the war, and asset price reactions strengthened from the first week—when there were hopes for a quick resolution—to the second week, when prices generally peaked and began to partially revert to prewar values.

Posted 2022-10-21

Credit Expansion and Markups

by YiLi Chien, Hyungsuk Lee, and Junsang Lee

This article documents new empirical facts about the effects of credit expansion on the aggregate markup and markup dispersion in the United States. We use U.S. macroeconomic data and Jordà’s local projection and single-equation estimation methods. 

Posted 2022-10-21

1960s Interstate Highways and Homeowner Wealth Distribution

by Jeffrey P. Cohen, Nicholas Lownes, and Bo Zhang

This article studies house-level real estate wealth distribution changes nearby a major interstate highway, comparing values before the announcement of the highway’s construction (1940) with those during and shortly after the construction period (1961-74). We also develop Lorenz curves to examine the distribution of housing wealth among various demographic groups of homeowners.