Financial Crisis In American Households PDF Free Download

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  1. Aftermath of a deep financial crisis typically involves a protracted period of macroeconomic adjustment, particu-larly in employment and housing prices. On average, public debt rose by more than 80 percent within three years after a crisis. Growth in a Time of Debt By Carmen M. Reinhart and Kenneth S.
  2. This paper presents evidence from high-frequency data collections dedicated to tracking the effects of the financial crisis and great recession on American households. These data come from surveys that were conducted in the American Life Panel - an Internet survey run by RAND Labor and Population.
  3. The American economy is only as strong as the American household yet in communities across the country, families are struggling to thrive. Learn what we can collectively do to tackle poverty and put more families on the path to financial well-being. Read the new book, What It’s Worth: strongfinancialfuture.org.

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Households in areas such as Cleveland, Ohio, Miami, Florida, and Detroit, Michigan, spent, on average, less on housing than the National average. Households in Washington D.C. ($17, 603) spent, on average, almost twice as much on shelter— a component of housing expenditures—than households in Cleveland, Ohio ($9,061).

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This paper presents evidence from high-frequency data collections dedicated to tracking the effects of the financial crisis and great recession on American households. These data come from surveys that were conducted in the American Life Panel -- an Internet survey run by RAND Labor and Population. The first survey was fielded at the beginning of November 2008, immediately following the large declines in the stock market of September and October 2008. The next survey followed three months later in February 2009. Since May 2009 monthly data has been collected on the same households. This paper shows the levels and trends of many of these data which summarize the experience and expectations of households during the recession. It finds that the effects of the recession are widespread: between November 2008 and April 2010 about 39 percent of households had either been unemployed, had negative equity in their house or had been in arrears in their house payments. Reductions in spending were common especially following unemployment. On average expectations about stock market prices and housing prices are pessimistic, particularly long-run expectations. Among workers, expectations about becoming unemployed have recovered somewhat from their low point in May 2009 but still remain high. Overall the data suggest that households are not optimistic about their economic futures.

This paper series was made possible by the NIA funded RAND Center for the Study of Aging and the NICHD funded RAND Population Research Center.

This report is part of the RAND Corporation Working paper series. RAND working papers are intended to share researchers' latest findings and to solicit informal peer review. They have been approved for circulation by RAND but may not have been formally edited or peer reviewed.

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Document Details

  • Copyright: RAND Corporation
  • Availability: Web-Only
  • Pages: 46
  • DOI:https://doi.org/10.7249/WR810
  • Document Number: WR-810
  • Year: 2010
  • Series:Working Papers

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Format:
Hurd, Michael D. and Susann Rohwedder, Effects of the Financial Crisis and Great Recession on American Households. Santa Monica, CA: RAND Corporation, 2010. https://www.rand.org/pubs/working_papers/WR810.html.
Hurd, Michael D. and Susann Rohwedder, Effects of the Financial Crisis and Great Recession on American Households, Santa Monica, Calif.: RAND Corporation, WR-810, 2010. As of December 08, 2021: https://www.rand.org/pubs/working_papers/WR810.html

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