Peter Ganong
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View article: Replication Data for: 'Why Do Borrowers Default on Mortgages?'
Replication Data for: 'Why Do Borrowers Default on Mortgages?' Open
The programs replicate tables and figures from "Why Do Borrowers Default on Mortgages?", by Ganong and Noel. Please see the README file for additional details.
View article: Spending and Job-Finding Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data
Spending and Job-Finding Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data Open
We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job-finding impacts.This finding has three implications.First, increased benefits were important for explaining aggregate spend…
View article: Spending and Job Search Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data
Spending and Job Search Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data Open
How did the largest expansion of unemployment benefits in U.S. history affect household behavior? Using anonymized bank account data covering millions of households, we provide new empirical evidence on the spending and job search response…
View article: Should We Have Automatic Triggers for Unemployment Benefit Duration And How Costly Would They Be?
Should We Have Automatic Triggers for Unemployment Benefit Duration And How Costly Would They Be? Open
We model automatic trigger policies for unemployment insurance by simulating a weekly panel of individual labor market histories, grouped by state.We reach three conclusions: (i) policies designed to trigger immediately at the onset of a r…
View article: Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data
Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data Open
We use U.S. household-level bank account data to investigate the heterogeneous effects of the pandemic on spending and savings.Households across the income distribution all cut spending from March to early April.Since mid April, spending h…
View article: Why Do Borrowers Default on Mortgages?
Why Do Borrowers Default on Mortgages? Open
There are three prevailing theories of mortgage default: strategic default (driven by negative equity), cash-flow default (driven by negative life events), and double-trigger default (where both negative triggers are necessary).It has been…
View article: US Unemployment Insurance Replacement Rates During the Pandemic
US Unemployment Insurance Replacement Rates During the Pandemic Open
We use micro data on earnings together with the details of each state's unemployment insurance (UI) system to compute the distribution of UI benefits after the uniform $600 Federal Pandemic Unemployment Compensation (FPUC) supplement imple…
View article: Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data
Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data Open
We use US household-level bank account data to investigate the heterogeneous effects of the pandemic on spending and savings. Households across the income distribution all cut spending from March to early April. Since mid-April, spending h…
View article: Consumer Spending during Unemployment: Positive and Normative Implications
Consumer Spending during Unemployment: Positive and Normative Implications Open
Using de-identified bank account data, we show that spending drops sharply at the large and predictable decrease in income arising from the exhaustion of unemployment insurance (UI) benefits. We use the high-frequency response to a predict…
View article: Replication data for: Consumer Spending during Unemployment: Positive and Normative Implications
Replication data for: Consumer Spending during Unemployment: Positive and Normative Implications Open
Using de-identified bank account data, we show that spending drops sharply at the large and predictable decrease in income arising from the exhaustion of unemployment insurance (UI) benefits. We use the high-frequency response to a predict…
View article: Consumer Spending During Unemployment: Positive and Normative Implications
Consumer Spending During Unemployment: Positive and Normative Implications Open
Using de-identified bank account data, we show that spending drops sharply at the large and predictable decrease in income arising from the exhaustion of unemployment insurance (UI) benefits.We use the high-frequency response to a predicta…
View article: Liquidity vs. Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession
Liquidity vs. Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession Open
We use variation in mortgage modifications to disentangle the impact of reducing long-term obligations with no change in short-term payments ("wealth"), and reducing short-term payments with approximately no change in long-term obligations…