Racial differences in short-run earnings stability and implications for credit markets
Division of Research and Statistics, Division of Monetary Affairs, Federal Reserve Board, 1997 - Business & Economics - 37 pages
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20 hours 3-year intervals average earnings growth Black White Black Bostic catastrophe or boon ceteris paribus change of 20 comparable whites credit history credit risk current job tenure default and prepayment Deﬁnition Diff differences in earnings Divorced/widowed/etc drastic eamings shocks dummies for experience earnings catastrophe earnings changes earnings instability earnings proﬁles earnings shocks earnings stability earnings variance earnings volatility Economics Discussion Series Efﬁciency Federal Reserve Board Federal Reserve System Finance and Economics ﬁrst ﬁxed effects hours change hours or greater incidence include dummies income increase individual interquartile range lenders likelihood loan marital changes Married Mean-Adjusted Values Mortgage Lending moved in past percent percentile persistence of drastic PSID race reﬁnancing reﬂect Regressions also include residual restricted sample Signiﬁcant coefﬁcients signiﬁcant racial differences signiﬁcantly standard deviations statistically signiﬁcant Table threshold total full-time experience trend trigger events unexplained earnings union status variable variation ratio White Black White