We thank the editor, Robert DeYoung, an anonymous referee, Todd Gormley, Mark Jenkins, Paul Landefeld, Donald Morgan, Nick Roussanov, Luke Taylor, and Jeremy Tobacman for helpful commentary, along with seminar participants at the Wharton class, the GW/FRB/GFLEC Financial Literacy Seminar therefore the Consumer Expenditure Survey Microdata Workshop. I’m grateful to Jimmy Lee, Ryan Pfirrmann‐Powell, Geoffrey Paulin, Arcenis Rojas, among others into the Division associated with the Consumer Expenditure Survey in the Bureau of Labor Statistics for support accessing the private Consumer Expenditure Survey files, and I also have always been grateful to Paul Amos for the Wharton GIS lab for advice about GIS. The Jay H. Baker Retailing Center in the Wharton class supplied good support that is financial the task ahead of the writer’s work with all the Federal Reserve.The analysis and conclusions expressed in this paper are the ones associated with writer plus don’t always mirror the views for the Board of Governors of this Federal Reserve System, its users, or its staff. This research had been carried out with restricted usage of Bureau of Labor Statistics (BLS) information. The views right here usually do not fundamentally mirror the views regarding the BLS.
Abstract
In this paper, We reveal that high‐cost credit helps households smooth usage after durations of short-term monetary stress. After experiencing distress—that is, extreme climate events—I realize that access to high‐cost payday lending mitigates declines in overall investing and nondurable products investing generally speaking. The outcomes are especially concentrated among households with an increased tendency to utilize credit that is payday that have actually restricted alternatives: low income households, households with lower than a college level, and households with lower levels of preserving. These outcomes highlight the consumption‐smoothing part that high‐cost credit plays for households with limited usage of other forms of credit.
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