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Renters vs. Homeowners: Income and Liquid Asset Trends during COVID-19 租房者与房主:2019冠状病毒病期间的收入和流动资产趋势
Pub Date : 2021-03-11 DOI: 10.2139/ssrn.3807563
Fiona Greig, Chen Zhao, Alexandra Lefevre
The COVID-19 recession hit the lowest-paid sectors of the economy the hardest, resulting in lower-income Americans losing their jobs and income at higher rates. Therefore, renters are more likely to have been impacted negatively by the economic shocks of the pandemic. While the Coronavirus Aid, Relief, and Economic Security (CARES) Act that passed in March 2020 provided one year of easily attainable mortgage forbearance for most homeowners, renters did not receive any form of federally-provided rent relief until the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, which provided $25 billion in rental assistance through the Emergency Rental Assistance Program to cover current or past due balances. We examine income and savings patterns for renters and mortgages holders during the pandemic and ask: is there evidence that renters needed more assistance than they received? We find evidence that renters indeed needed more of a financial safety net than was available during the pandemic. The renters we analyze are much more affluent than typical renters and even among this population, they were more likely than mortgage holders to have lost their job and suffered large swings in their labor income, including large drops. Even with unusually generous UI benefits and stimulus checks, more than one in five renters experienced a greater than 10 percent drop in their total income. These income swings were more negative relative to the pre-COVID period. Finally, renters not only had lower incomes than mortgage holders, they also had much less of a savings buffer entering the pandemic. While more generous UI benefits and stimulus checks dramatically boosted their savings, they had depleted most of the additional savings by the end of the year, their position relative to mortgage holders did not improve significantly, and nearly one in four renters saw their savings decrease in 2020.
COVID-19经济衰退对经济中收入最低的部门的打击最为严重,导致低收入美国人以更高的速度失去工作和收入。因此,租房者更有可能受到疫情经济冲击的负面影响。虽然2020年3月通过的《冠状病毒援助、救济和经济安全(CARES)法案》为大多数房主提供了一年容易实现的抵押贷款减免,但直到2021年《冠状病毒应对和救济补充拨款法案》通过紧急租金援助计划提供了250亿美元的租金援助,以支付当前或过去到期的余额,租房者才获得任何形式的联邦政府提供的租金减免。我们研究了大流行期间租房者和抵押贷款持有人的收入和储蓄模式,并问道:是否有证据表明租房者需要的帮助比他们获得的更多?我们发现有证据表明,与大流行期间相比,租房者确实需要更多的金融安全网。我们分析的租房者比一般的租房者富裕得多,即使在这一人群中,他们也比抵押贷款持有人更有可能失业,劳动收入波动较大,包括大幅下降。即使有异乎寻常的慷慨的失业保险福利和刺激支票,超过五分之一的租房者的总收入下降了10%以上。与新冠疫情前相比,这些收入波动更为消极。最后,租房者不仅收入低于抵押贷款持有人,而且在大流行期间,他们的储蓄缓冲也少得多。虽然更慷慨的失业保险福利和刺激支票大大增加了他们的储蓄,但到年底,他们已经耗尽了大部分额外储蓄,他们相对于抵押贷款持有人的地位并没有显著改善,近四分之一的租房者在2020年看到他们的储蓄减少。
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引用次数: 1
Do Social Cash Transfers Trap Beneficiaries into Poverty? A Remedial Recommendation for Malawi 社会现金转移是否使受益人陷入贫困?马拉维补救建议
Pub Date : 2021-03-10 DOI: 10.2139/ssrn.3801693
Lloyd George Banda
This article is a desk research that seeks to analyze empirical literature on the impact of social protection programmes (SPP) and attest if there is need for an alternative programme or a change in the structure. SPP dates back from A.D 98 when the Roman Emperor gave free grain to the poorer in his empire (Hammond Mason 2020). Later in 1952 the ILO provided the first instrument for SPP before the UN 1995 World Summit for Social Development where governments agreed to anchor SP systems by the law (United Nations, 1995). SPP were established on motives concerned with preventing, managing and overcoming situations that adversely affect people’s well-being. Social Cash transfers in Malawi for example have led to increase in aggregate demand and the potential to increase GDP, improved labor opportunities, strengthened social networks, improved health and education of Children. However, this research has found that the structure of Social Protection programmes in Malawi needs to be reviewed because of its propensity to trapping people especially women into poverty. The paper proposes the need to extend focus from those unfit-for-work to the vulnerable non-poor. Inclusion of the vulnerable non-poor will prevent them from falling into poverty and also stimulate beneficiaries to graduate from poverty. This will lead to a substantive decrease in the pool of SPP beneficiaries in the long-run.
本文是一项案头研究,旨在分析有关社会保护计划(SPP)影响的实证文献,并证明是否需要替代计划或改变结构。SPP可以追溯到公元98年,当时罗马皇帝向帝国内的穷人免费提供粮食(Hammond Mason 2020)。1952年晚些时候,在联合国1995年社会发展世界首脑会议之前,国际劳工组织为SPP提供了第一个工具,各国政府同意通过法律固定SP系统(联合国,1995年)。特别方案的建立动机是预防、管理和克服对人民福祉有不利影响的情况。例如,马拉维的现金转移导致了总需求的增加和增加国内生产总值的潜力,改善了劳动机会,加强了社会网络,改善了儿童的健康和教育。然而,这项研究发现,马拉维社会保护方案的结构需要审查,因为它倾向于使人们,特别是妇女陷入贫困。该报告提出,有必要将关注的焦点从不适合工作的人群扩大到弱势的非贫困人群。包容弱势非贫困人口将防止他们陷入贫困,并刺激受益者摆脱贫困。从长远来看,这将导致特别优惠方案受益人人数的大幅减少。
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引用次数: 0
Price Index for Dwelling Rents in Finland 芬兰住宅租金价格指数
Pub Date : 2021-03-10 DOI: 10.2139/ssrn.3801559
Yrjö Vartia, Antti Suoperä, J. Vuorio
The price index for dwelling rents in Finland have been measured from data that is collected in connection with the Labour Force Survey (LFS). The construction of index series is based on the base strategy with log-Laspeyres as the index number formula. Some problems have emerged: First, the data did not allow detailed regional classification. Second, the purpose of data collection was mainly for labour markets survey, not for dwelling rents (i.e. weighting into target population). Third, the selection of proper index number formula had not been adequately analyzed.

In this study we analyze these three questions by new monthly collected data having over 400 000 observations from whole country quite representatively. The data includes dwelling rents from the Social Insurance Institution's register of housing allowances and from two major private rental housing companies. It includes government-subsidized and non-subsidized dwellings.
芬兰住宅租金的价格指数是根据与劳动力调查(LFS)有关的数据收集的。指数序列的构建基于基准策略,以log-Laspeyres作为指数公式。出现了一些问题:首先,数据不允许进行详细的区域分类。其次,收集数据的目的主要是为了劳工市场调查,而不是为了住宅租金(即在目标人口中加权)。第三,对指标数值公式的选择分析不足。在这项研究中,我们分析了这三个问题的新每月收集的数据超过40万观察全国相当有代表性。这些数据包括来自社会保险机构住房津贴登记册和两家主要私人租赁住房公司的住房租金。它包括政府补贴和非补贴住房。
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引用次数: 0
Housing Yields 房地产收益率
Pub Date : 2021-02-16 DOI: 10.2139/ssrn.3786959
Stefano Colonnello, Roberto Marfè, Qizhou Xiong
This paper investigates heterogeneity in residential property yields using rental and sale listings from the largest German internet real estate platform. Equipped with property-level rent-to-price ratios obtained via matching properties for sale and for rent, we show that they strongly co-move with local factors, such as population age structure, industry structure, housing supply rigidities, and the liquidity and size of the housing market. Regional differences are particularly pronounced between globally relevant cities and other areas. However, a large fraction of the variation of rent-to-price ratios can be explained neither by local factors nor by an extensive array of property-specific observable features, pointing to the crucial role of idiosyncratic factors and within-city aggregation economies. We then create a pseudo-panel to examine the time-series dimension of house prices and show that the ability of expectations about discount and rent growth rates impounded in rent-to-price ratios to predict return and rent growth is statistically significant but of limited economic magnitude.
本文利用德国最大的互联网房地产平台的租赁和销售清单调查了住宅物业收益率的异质性。通过匹配待售和出租房产获得的物业级租金价格比,我们发现它们与当地因素(如人口年龄结构、行业结构、住房供应刚性以及住房市场的流动性和规模)密切相关。具有全球影响力的城市和其他地区之间的区域差异尤为明显。然而,租金与房价比率的很大一部分变化既不能用当地因素解释,也不能用一系列具体财产的可观察特征来解释,这表明了特殊因素和城市内聚集经济的关键作用。然后,我们创建了一个伪面板来检验房价的时间序列维度,并显示租金与房价比中包含的对折扣和租金增长率的预期预测回报和租金增长的能力在统计上是显著的,但经济规模有限。
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引用次数: 3
Inheriting Privilege 继承的特权
Pub Date : 2021-02-15 DOI: 10.2139/ssrn.3786351
A. Tait
All families may be created equal, so to speak. But differences between families in terms of economic wealth, resource networks, and access to cultural capital are both severe and stark. A large part of what shapes this scenery of economic possibility is the legal framework of wealth transfer. Wealth travels through generations and sticks, crystallizing in predictable places and shapes, thereby embedding complex forms of inequality within and between families. The family trust, in particular, is a mode of transfer that facilitates wealth preservation as well as wealth inequality. Family trusts are tailored to convey and defend complex patrimonies in ways that no other form of wealth transfer can do. Wills, the other most common form of wealth transfer, do not have the same functionality and can only effectuate a one-time transfer, making it difficult to exert long-term control over beneficiaries.

This Article’s primary goal is to excavate the myriad ways in which the family trust is a driver of inequality by explaining the family trust’s plasticity and ability to bend to the needs of high-wealth families. The Article accomplishes this by demonstrating how the family trust facilitates not only wealth inequality but also social and cultural inequality. These explorations into complex inequality and its furtherance by the family trust are useful because they help us better appreciate the significant role that family trusts play in the evolving story of class, gender, and race privilege in the United States. Attending to the practices and possibilities of the family trust also leads us to a better understanding of how trust reform might begin to dislocate the family trust from its central positioning within the legal architecture of inequality. Ultimately, the family trust does not have to be coextensive with elite family advantage; it can be reimagined to work on behalf of communities that are economically vulnerable and historically dispossessed.
可以这么说,所有家庭都可以生而平等。但家庭之间在经济财富、资源网络和获取文化资本方面的差异既严重又明显。财富转移的法律框架在很大程度上塑造了这种经济可能性。财富代代相传,在可预见的地方和形状中结晶,从而在家庭内部和家庭之间嵌入了复杂形式的不平等。尤其是家族信托,是一种有利于财富保值和财富不平等的转移模式。家族信托专门用于传递和保护复杂的遗产,这是其他任何形式的财富转移都无法做到的。遗嘱是另一种最常见的财富转移形式,它没有同样的功能,只能实现一次性转移,因此很难对受益人实施长期控制。本文的主要目标是通过解释家族信托的可塑性和适应高财富家庭需求的能力,挖掘家族信托成为不平等驱动因素的无数方式。本文通过展示家族信托如何不仅促进财富不平等,而且促进社会和文化不平等来实现这一点。这些对复杂的不平等及其在家族信托中的推动作用的探索是有用的,因为它们有助于我们更好地理解家族信托在美国阶级、性别和种族特权的演变过程中所扮演的重要角色。关注家庭信托的实践和可能性也使我们更好地理解信托改革如何开始使家庭信托偏离其在不平等法律架构中的中心位置。最终,家族信托不一定要与精英家族优势共同延伸;它可以被重新设想为代表经济上脆弱和历史上被剥夺的社区工作。
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引用次数: 0
Do Required Minimum Distribution 401(K) Rules Matter, and for Whom? Insights from a Lifecycle Model 401(K)最低分配规定重要吗?对谁重要?生命周期模型的洞察力
Pub Date : 2021-02-01 DOI: 10.2139/ssrn.3789278
Vanya Horneff, R. Maurer, O. Mitchell
Tax-qualified vehicles helped U.S. private-sector workers accumulate $25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the “Required Minimum Distribution” (RMD) regulation, requiring retirees to withdraw a minimum fraction from their retirement accounts or pay excise taxes on withdrawal shortfalls. Our calibrated lifecycle model measures the impact of RMD rules on financial behavior of heterogeneous households during their worklives and retirement. We show that proposed reforms to delay or eliminate the RMD rules should have little effects on consumption profiles but more impact on withdrawals and tax payments for households with bequest motives. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
符合纳税条件的工具帮助美国私营部门的员工积累了25万亿美元的退休资产。形成这些退休计划累积的一个经常被忽视的重要制度特征是“最低要求分配”(RMD)规定,要求退休人员从他们的退休账户中提取最低比例,或者对提取不足支付消费税。我们的校准生命周期模型测量了RMD规则对异构家庭在工作和退休期间的财务行为的影响。我们表明,推迟或取消RMD规则的拟议改革应该对消费概况影响不大,但对具有遗赠动机的家庭的提款和纳税影响更大。国家经济研究局工作论文系列的机构订阅者和发展中国家的居民可以在www.nber.org免费下载本文。
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引用次数: 5
Retiring the 401(k): A New Framework for Retirement Savings 退休401(k)计划:退休储蓄的新框架
Pub Date : 2021-01-08 DOI: 10.2139/ssrn.3762653
Benjamin C Silver, Michael Slomovics
Americans attempting to save for retirement face a maze of account options, each with their own unique tax consequences. Unfortunately, this maze also limits access to tax-advantaged retirement savings and takes money out of savers’ pockets. In this article, we recommend entirely eliminating traditional and Roth 401(k) accounts after a date to be specified by Congress. To compensate for dollars that workers (and their employers, through matching contributions) formerly contributed to these accounts, we propose raising the current contribution limits to traditional and Roth Individual Retirement Accounts (“IRAs”) proportionately. We argue that this reform would solve numerous inefficiencies and inequities in the current 401(k) system — it would effectively expand lower- and middle-class workers’ access to tax-advantaged retirement savings. In Part II we discuss how our proposal would solve seven severe problems plaguing the 401(k); in Part III we explain the options for transitioning from the current regime to an all-IRA regime; in Part IV we address some preliminary objections to our proposal.
试图为退休储蓄的美国人面临着一个错综复杂的账户选择,每个账户都有自己独特的税收后果。不幸的是,这个迷宫也限制了获得税收优惠的退休储蓄,并从储户的口袋里拿走了钱。在本文中,我们建议在国会指定的日期之后完全取消传统和罗斯401(k)账户。为了补偿工人(及其雇主,通过匹配的捐款)以前向这些账户缴款的美元,我们建议按比例提高传统和罗斯个人退休账户(“ira”)的当前缴款限额。我们认为,这一改革将解决当前401(k)体系中的许多低效和不公平问题——它将有效地扩大中低收入工人获得税收优惠的退休储蓄的机会。在第二部分,我们将讨论我们的提议将如何解决困扰401(k)计划的七个严重问题;在第三部分中,我们解释了从当前政权过渡到全爱尔兰共和军政权的选择;在第四部分,我们讨论了对我们的建议的一些初步反对意见。
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引用次数: 0
The Influence of COVID-19 Economic Impact Payment on Household Consumption in South Korea - Focusing on Comparison by Income Classes - 新冠肺炎经济冲击支付对韩国家庭消费的影响——以收入阶层比较为重点
Pub Date : 2021-01-01 DOI: 10.15855/SWP.2021.48.1.63
Jaehyun Nam, RaeHyuck Lee
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引用次数: 2
The Effect of Unemployment Insurance Benefits on (Self-)Employment: Two Sides of the Same Coin? 失业保险福利对(自主)就业的影响:一枚硬币的两面?
Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3249939
Josef Hollmayr, Jan Kuckuck
Although a meaningful percentage of firms are created out of unemployment and current active labor market policies in Europe often subsidize unemployed individuals to start their own businesses, little is known about the role of unemployment insurance (UI) generosity for selfemployment. By using Spanish administrative data including previously unavailable information on self-employment, we exploit a reform-driven exogenous cut in UI benefits to identify its causal effect on general employment and decompose it into the effects on self-employment and re-employment. Exploiting a discontinuity in the UI benefit schedule which changed as a result of the 2012 Spanish labor market reform, we estimate the causal reform effects on the extensive margin of (self-)employment and on unemployment duration. We find heterogeneous effects on the extensive margin: while the job-finding rate increases, the startup rate decreases. Over different time horizons, the negative effect on self-employment (35-50%) outweighs the positive effect on employment (5-33%). Our UI benefit duration elasticity estimates indicate that reduced UI benefits extend unemployment duration for individuals transitioning into self-employment but shorten unemployment for individuals finding re-employment. Due to the reform's unintended consequences for self-employment, its general employment effect is much smaller than claimed by analyses that focus only on employment.
尽管有相当比例的公司是在失业的情况下创建的,目前欧洲积极的劳动力市场政策经常补贴失业的个人创业,但人们对失业保险(UI)慷慨对自营职业的作用知之甚少。通过使用西班牙行政数据,包括以前无法获得的关于自营职业的信息,我们利用改革驱动的失业救济金的外生削减来确定其对一般就业的因果影响,并将其分解为对自营职业和再就业的影响。利用2012年西班牙劳动力市场改革导致的失业保险福利计划的不连续性,我们估计了改革对(自我)就业的广泛边际和失业持续时间的因果影响。我们发现了外延边际的异质性效应:当求职率上升时,创业率下降。在不同的时间范围内,对自营职业的负面影响(35-50%)超过对就业的积极影响(5-33%)。我们的失业救济金持续时间弹性估计表明,减少失业救济金延长了个体过渡到自营职业的失业持续时间,但缩短了个体重新就业的失业时间。由于改革对个体经营产生了意想不到的影响,其对总体就业的影响远小于只关注就业的分析所宣称的。
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引用次数: 0
Are Historic Districts A Backdoor for Segregation? Yes and No 历史街区是种族隔离的后门吗?是和不是
Pub Date : 2020-11-18 DOI: 10.2139/ssrn.3733105
Jamie Bologna Pavlik, Yang Zhou
Historic districts preserve the heritage of designated areas and tend to attract tourism income. However, these districts also come with specific restrictions and increased housing prices that could result in segregation. We study how two historic district programs impact residential segregation in Denver. We find that home buyers are more likely to be White within historic districts, but that the official designation has no effect on this probability. Similarly, when examining seller-to-buyer housing transactions, we find that most transactions flow from White sellers to White buyers, regardless of the official designation. Thus, while historic districts tend to be more segregated than their surrounding areas, the legal restrictions and housing premium that come with historic designations do not seem to amplify this existing problem.
历史街区保存了指定地区的遗产,并倾向于吸引旅游收入。然而,这些地区也有具体的限制和上涨的房价,这可能导致隔离。我们研究了两个历史街区计划如何影响丹佛的住宅隔离。我们发现,在历史街区内,购房者更有可能是白人,但官方指定对这一概率没有影响。同样,当研究卖方对买方的住房交易时,我们发现大多数交易都是从白人卖方流向白人买方,而不管官方名称如何。因此,虽然历史街区往往比周边地区更加隔离,但伴随着历史街区而来的法律限制和住房溢价似乎并没有扩大这一现有问题。
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引用次数: 1
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Comparative Political Economy: Social Welfare Policy eJournal
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