The New York Fed Consumer Credit Panel: A Foundational CMD Data Set

Posted: 18 Apr 2024

See all articles by Andrew Haughwout

Andrew Haughwout

Federal Reserve Bank of New York

Donghoon Lee

Federal Reserve Bank of New York; New York University

Daniel Mangrum

Federal Reserve Banks - Federal Reserve Bank of New York

Joelle Scally

Federal Reserve Bank of New York

Wilbert van der Klaauw

Federal Reserve Bank of New York; IZA

Date Written: April 17, 2024

Abstract

As the Great Financial Crisis and associated recession were unfolding in 2009, researchers at the New York Fed joined colleagues at the Board of Governors and Philadelphia Fed to create a new kind of data set. Household liabilities, particularly mortgages, had gone from being a quiet little corner of the financial system to the center of the worst financial crisis and sharpest recession in decades. The new data set was designed to provide fresh insights into this part of the economy, especially the behavior of mortgage borrowers. In the fifteen years since that effort came to fruition, the New York Fed Consumer Credit Panel (CCP) has provided many valuable insights into household behavior and its implications for the macro economy and financial stability.

The CCP was one of the first data sets drawn from credit bureau data, one of the earliest features of the Center for Microeconomic Data (CMD), and the primary source material for some of the CMD’s most important contributions to policy and research. Here we review a few of the main household debt themes over the past fifteen years, and how our analyses contributed to their understanding.

To view post: https://libertystreeteconomics.newyorkfed.org/2024/04/the-new-york-fed-consumer-credit-panel-a-foundational-cmd-data-set/

Keywords: credit bureau, student debt, Great Financial Crisis, pandemic

JEL Classification: G5, D1

Suggested Citation

Haughwout, Andrew F. and Lee, Donghoon and Mangrum, Daniel and Scally, Joelle and van der Klaauw, H. Wilbert, The New York Fed Consumer Credit Panel: A Foundational CMD Data Set (April 17, 2024). Liberty Street Economics , Available at SSRN: https://ssrn.com/abstract=4798362

Andrew F. Haughwout (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States
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Donghoon Lee

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States
212-720-8699 (Phone)
212-720-1844 (Fax)

New York University

NY
United States

Daniel Mangrum

Federal Reserve Banks - Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Joelle Scally

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

H. Wilbert Van der Klaauw

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States
212-720-5916 (Phone)
212-720-1844 (Fax)

IZA ( email )

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