Recognizing how hard it is for low-income workers to save, D2D Fund develops, tests, and rolls out asset-building innovations nationwide. One promising approach makes it easier for people to save part of their tax refund.

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.

Empirical evidence suggests that fast-growing economies tend to have not only high saving rates but also low interest rates. This evidence is difficult to reconcile with standard explanations about the positive linkages between saving and growth. These explanations rely either on high saving to...

Remarks at the at the Society of American Business Editors and Writers Fall Conference, City University of New York, Graduate School of Journalism, New York City.

Remarks at New York University's Stern School of Business, New York City.

We study the trend in household income uncertainty using a novel approach that measures income uncertainty as the variance of forecast errors at each future horizon separately without imposing parametric restrictions on the underlying income shocks. We find that household income uncertainty has...

In the years since the bursting of the housing bubble, the personal saving rate has trended up from around 1% to around 6%, while the ratio of household debt to disposable income has dropped from 130% to 118%. Changes over time in the availability of credit to households can explain 90% of the...

Remarks at Dominican College, Orangeburg, New York.

Using credit report records and data collected from several household surveys, we analyze changes in household debt and saving during the 2007 recession. We find that, while different segments of the population were affected in distinct ways, depending on whether they owned a home, whether they...