Generation recession? How the recession may change America

Nobody yet knows the ultimate footprint that the Great Recession will have on the nation. We do know that much of it depends on the choices that Americans make in response—everything from personal saving to labor force participation is in play. Ultimately, these choices will help determine how “great” the recession really turns out to be.Unemployment ; Recessions

Neighborhood information and home mortgage lending.

An examination of how information about a neighborhood affects the level of lending activity in it--specifically, whether lenders deny mortgage applications at higher rates in neighborhoods where they have little experience in evaluating applications and/or where the lending community in general lacks such experience.Mortgages ; Discrimination in mortgage loans

Cross-lender variation in home mortgage lending

A lender-specific analysis of differences in minority and low-income mortgage loan originations using new applicant-level data gathered under the Home Mortgage Disclosure Act of 1975.Home Mortgage Disclosure Act ; Mortgages ; Discrimination in mortgage loans

Lender consistency in housing credit markets

An examination of how and why individual financial institutions vary in their propensity to attract and approve mortgage applications from minorities, using Home Mortgage Disclosure Act data.Mortgages ; Housing - Finance ; Home Mortgage Disclosure Act

Home mortgage lending by the numbers

A look at some of the issues associated with reports that minority applicants for home mortgage loans are far more likely than whites to be denied credit. The authors raise the concern that simple comparisons of denial rates are not sufficient for grasping the complexities surrounding community-oriented lending.Mortgages ; Community Reinvestment Act of 1977 ; Home Mortgage Disclosure Act

Accounting for racial differences in housing credit markets

A documentation of racial and neighborhood differences in home mortgage denial rates using data collected under the Home Mortgage Disclosure Act, exploring the extent to which objective lending criteria are responsible for observed differences. The authors find persistent variations in denial rates between white and minority applicants, but emphasize that the HMDA data do not contain enough relevant information to draw any firm conclusions regarding causation.Discrimination in mortgage loans ; Mortgages ; Home Mortgage Disclosure Act ; Community Reinvestment Act of 1977

Posted rates as signals in mortgage lending markets

A discussion of how mortgage lenders might use posted lending terms to signal both their eagerness to take new loan applications and their lending standards.Mortgages ; Interest rates

Price Stability: The Policy and Research Perspectives

Policy; Prices

The Big Drink Debate: perceptions of the impact of price on alcohol consumption from a large scale cross-sectional convenience survey in north west England

<p>Abstract</p> <p>Background</p> <p>A large-scale survey was conducted in 2008 in north west England, a region with high levels of alcohol-related harm, during a regional 'Big Drink Debate' campaign. The aim of this paper is to explore perceptions of how alcohol consumption would change if alcohol prices were to increase or decrease.</p> <p>Methods</p> <p>A convenience survey of residents (≥ 18 years) of north west England measured demographics, income, alcohol consumption in previous week, and opinions on drinking behaviour under two pricing conditions: low prices and discounts and increased alcohol prices (either 'decrease', 'no change' or 'increase'). Multinomial logistic regression used three outcomes: 'completely elastic' (consider that lower prices increase drinking and higher prices decrease drinking); 'lower price elastic' (lower prices increase drinking, higher prices have no effect); and 'price inelastic' (no change for either).</p> <p>Results</p> <p>Of 22,780 drinkers surveyed, 80.3% considered lower alcohol prices and discounts would increase alcohol consumption, while 22.1% thought raising prices would decrease consumption, making lower price elasticity only (i.e. lower prices increase drinking, higher prices have no effect) the most common outcome (62%). Compared to a high income/high drinking category, the lightest drinkers with a low income (adjusted odds ratio AOR = 1.78, 95% confidence intervals CI 1.38-2.30) or medium income (AOR = 1.88, CI 1.47-2.41) were most likely to be lower price elastic. Females were more likely than males to be lower price elastic (65% vs 57%) while the reverse was true for complete elasticity (20% vs 26%, P < 0.001).</p> <p>Conclusions</p> <p>Lower pricing increases alcohol consumption, and the alcohol industry's continued focus on discounting sales encourages higher drinking levels. International evidence suggests increasing the price of alcohol reduces consumption, and one in five of the surveyed population agreed; more work is required to increase this agreement to achieve public support for policy change. Such policy should also recognise that alcohol is an addictive drug, and the population may be prepared to pay more to drink the amount they now feel they need.</p

Monetary policy in the cold war era

An explanation of why, in the face of a booming economy, low unemployment, and scant inflation pressures, the Federal Reserve must continue its campaign to achieve price stability.Monetary policy ; Inflation (Finance)