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Income and Poverty in the United States: 2018 Current Population Reports
Income and Poverty in the United States: 2018 Current Population Reports By Jessica Semega, Melissa Kollar, John Creamer, and Abinash Mohanty Issued September 2019 Revised June 2020 P60-266(RV) Jessica Semega and Melissa Kollar prepared the income section of this report Acknowledgments under the direction of Jonathan L. Rothbaum, Chief of the Income Statistics Branch. John Creamer and Abinash Mohanty prepared the poverty section under the direction of Ashley N. Edwards, Chief of the Poverty Statistics Branch. Trudi J. Renwick, Assistant Division Chief for Economic Characteristics in the Social, Economic, and Housing Statistics Division, provided overall direction. Vonda Ashton, David Watt, Susan S. Gajewski, Mallory Bane, and Nancy Hunter, of the Demographic Surveys Division, and Lisa P. Cheok of the Associate Directorate for Demographic Programs, processed the Current Population Survey 2019 Annual Social and Economic Supplement file. Andy Chen, Kirk E. Davis, Raymond E. Dowdy, Lan N. Huynh, Chandararith R. Phe, and Adam W. Reilly programmed and produced the historical, detailed, and publication tables under the direction of Hung X. Pham, Chief of the Tabulation and Applications Branch, Demographic Surveys Division. Nghiep Huynh and Alfred G. Meier, under the supervision of KeTrena Phipps and David V. Hornick, all of the Demographic Statistical Methods Division, conducted statistical review. Lisa P. Cheok of the Associate Directorate for Demographic Programs, provided overall direction for the survey implementation. Roberto Cases and Aaron Cantu of the Associate Directorate for Demographic Programs, and Charlie Carter and Agatha Jung of the Information Technology Directorate prepared and pro- grammed the computer-assisted interviewing instrument used to conduct the Annual Social and Economic Supplement. -
Macroeconomic Overheating and Financial Vulnerability [PRELIMINARY DRAFT]
Macroeconomic Overheating and Financial Vulnerability [PRELIMINARY DRAFT] Elena Afanasyeva,∗ Seung Jung Lee,y Michele Modugno,z and Francisco Palominox{ June 1, 2019 Abstract An overheated economy has the potential to lead to financial imbalances, which in turn could generate or amplify economic distress. We study the link between macroeconomic performance and financial imbalances, focusing on the experience of the United States since the 1960s. We first follow a narrative approach to review historical episodes of significant financial imbalances and find weak links between periods of strong growth and financial imbalances. We then look for evidence of a statistical link between measures of economic slack and financial system vul- nerability. Despite strong in-sample links, the gains from using the economic slack information to forecast financial vulnerability are typically limited out of sample. Measures of nonfinancial leverage constitute a notable exception, where the links are strong. In a non-linear setting of quantile regressions, measures of economic slack have a small effect on the distribution of finan- cial conditions. Overall, we find that macroeconomic overheating can contribute to the build-up of financial vulnerabilities only via the increase in nonfinancial sector leverage. JEL classification: C32; G21; N22. Keywords: Macroeconomic Overheating; Financial Vulnerability; Forecasting; Quantile Re- gression. ∗E-mail: [email protected]. yE-mail: [email protected]. zE-mail: [email protected]. xE-mail: [email protected]. {All authors are at the Board of Governors of the Federal Reserve System. We thank Alex Martin for excellent research assistance. We thank Mark Carlson, Luca Guerrieri, Michael Kiley, Ed Nelson, and Michael Palumbo for their helpful comments. -
State Income Limits for 2021
STATE OF CALIFORNIA - BUSINESS, CONSUMER SERVICES AND HOUSING AGENCY GAVIN NEWSOM, Governor DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT DIVISION OF HOUSING POLICY DEVELOPMENT 2020 W. El Camino Avenue, Suite 500 Sacramento, CA 95833 (916) 263-2911 / FAX (916) 263-7453 www.hcd.ca.gov April 26, 2021 MEMORANDUM FOR: Interested parties FROM: Megan Kirkeby, Deputy Director Division of Housing Policy Development SUBJECT: State Income Limits for 2021 Attached are briefing materials and State Income Limits for 2021 that are now in effect, replacing the 2020 State Income Limits. Income limits reflect updated median income and household income levels for extremely low-, very low-, low-, and moderate-income households for California’s 58 counties. The 2021 State Income Limits are on the Department of Housing and Community Development (HCD) website at http://www.hcd.ca.gov/grants-funding/income- limits/state-and-federal-income-limits.shtml. State Income Limits apply to designated programs, are used to determine applicant eligibility (based on the level of household income) and may be used to calculate affordable housing costs for applicable housing assistance programs. Use of State Income Limits are subject to a particular program’s definition of income, family, family size, effective dates, and other factors. In addition, definitions applicable to income categories, criteria, and geographic areas sometimes differ depending on the funding source and program, resulting in some programs using other income limits. The attached briefing materials detail California’s 2021 Income Limits and were updated based on: (1) changes to income limits the U.S. Department of Housing and Urban Development (HUD) released on April 1, 2021 for its Public Housing, Section 8, Section 202 and Section 811 programs and (2) adjustments HCD made based on State statutory provisions and its 2013 Hold Harmless (HH) Policy. -
Hyperinflation in Venezuela
POLICY BRIEF recovery can be possible without first stabilizing the explo- 19-13 Hyperinflation sive price level. Doing so will require changing the country’s fiscal and monetary regimes. in Venezuela: A Since late 2018, authorities have been trying to control the price spiral by cutting back on fiscal expenditures, contracting Stabilization domestic credit, and implementing new exchange rate poli- cies. As a result, inflation initially receded from its extreme Handbook levels, albeit to a very high and potentially unstable 30 percent a month. But independent estimates suggest that prices went Gonzalo Huertas out of control again in mid-July 2019, reaching weekly rates September 2019 of 10 percent, placing the economy back in hyperinflation territory. Instability was also reflected in the premium on Gonzalo Huertas was research analyst at the Peterson Institute foreign currency in the black market, which also increased for International Economics. He worked with C. Fred Bergsten in July after a period of relative calm in previous months. Senior Fellow Olivier Blanchard on macroeconomic theory This Policy Brief describes a feasible stabilization plan and policy. Before joining the Institute, Huertas worked as a researcher at Harvard University for President Emeritus and for Venezuela’s extreme inflation. It places the country’s Charles W. Eliot Professor Lawrence H. Summers, producing problems in context by outlining the economics behind work on fiscal policy, and for Minos A. Zombanakis Professor Carmen Reinhart, focusing on exchange rate interventions. hyperinflations: how they develop, how they disrupt the normal functioning of economies, and how other countries Author’s Note: I am grateful to Adam Posen, Olivier Blanchard, across history have designed policies to overcome them. -
Human Development Paper
HUMAN DEVELOPMENT PAPER HUMAN DEVELOPMENT PAPER ON INCOME INEQUALITY IN THE REPUBLIC OF SERBIA 1 HUMAN DEVELOPMENT PAPER ON INCOME INEQUALITY IN THE REPUBLIC OF SERBIA Reduced inequality as part of the SDG agenda August 2018 2 HUMAN DEVELOPMENT PAPER ON INCOME INEQUALITY IN THE REPUBLIC OF SERBIA FOREWORD “People are the real wealth of a nation. The basic objective of development is to create an enabling environment for people to enjoy long, healthy and creative lives. This may appear to be a simple truth. But it is often forgotten in the immediate concern with the accumulation of commodities and financial wealth.” (UNDP, Human Development Report, 1990). When the first Human Development Report was published in 1990, the UNDP firmly set out the concepts of dignity and a decent life as the essential to a broader meaning of human development. Ever since, the organization has been publishing reports on global, regional and national levels addressing the most pressing development challenges. In recent years, UNDP initiated a new product - Human Development Papers – that focus on a selected development issue with the aim to contribute to policy dialogue and policy-making processes. It is my pleasure to introduce the first Human Development Paper for Serbia, focusing on inequality. The Agenda 2030 for Sustainable Development places a special emphasis on eradicating poverty worldwide while reducing inequality and exclusion, promoting peaceful, just and inclusive societies and leaving no one behind. The achievement of Sustainable Development Goals requires new approaches to how we understand and address inter-related challenges of poverty, inequality and exclusion. The paper analyses and sets a national baseline for SDG10 leading indicator 10.1.1 - Growth rates of household expenditure or income per capita among the bottom 40 per cent of the population and the total population and the related target 10.1. -
Household Income and Wealth
HOUSEHOLD INCOME AND WEALTH INCOME AND SAVINGS NATIONAL INCOME PER CAPITA HOUSEHOLD DISPOSABLE INCOME HOUSEHOLD SAVINGS INCOME INEQUALITY AND POVERTY INCOME INEQUALITY POVERTY RATES AND GAPS HOUSEHOLD WEALTH HOUSEHOLD FINANCIAL ASSETS HOUSEHOLD DEBT NON-FINANCIAL ASSETS BY HOUSEHOLDS HOUSEHOLD INCOME AND WEALTH • INCOME AND SAVINGS NATIONAL INCOME PER CAPITA While per capita gross domestic product is the indicator property income may never actually be returned to the most commonly used to compare income levels, two country but instead add to foreign direct investment. other measures are preferred, at least in theory, by many analysts. These are per capita Gross National Income Comparability (GNI) and Net National Income (NNI). Whereas GDP refers All countries compile data according to the 1993 SNA to the income generated by production activities on the “System of National Accounts, 1993” with the exception economic territory of the country, GNI measures the of Australia where data are compiled according to the income generated by the residents of a country, whether new 2008 SNA. It’s important to note however that earned on the domestic territory or abroad. differences between the 2008 SNA and the 1993 SNA do not have a significant impact of the comparability of the Definition indicators presented here and this implies that data are GNI is defined as GDP plus receipts from abroad less highly comparable across countries. payments to abroad of wages and salaries and of However, there are practical difficulties in the property income plus net taxes and subsidies receivable measurement both of international flows of wages and from abroad. NNI is equal to GNI net of depreciation. -
Nber Working Paper Series Income Growth and Its
NBER WORKING PAPER SERIES INCOME GROWTH AND ITS DISTRIBUTION FROM EISENHOWER TO OBAMA: THE GROWING IMPORTANCE OF IN-KIND TRANSFERS (1959-2016) James Elwell Kevin Corinth Richard V. Burkhauser Working Paper 26439 http://www.nber.org/papers/w26439 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 November 2019 The views in this paper reflect those of the authors and should not be attributed to the Joint Committee on Taxation, the Council of Economic Advisers, their staffs, or the National Bureau of Economic Research. Elwell’s work on this research was funded by The Lynde and Harry Bradley Foundation while he was a graduate student at Cornell University. Part of this work was undertaken while Burkhauser was employed by the Council of Economic Advisers. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2019 by James Elwell, Kevin Corinth, and Richard V. Burkhauser. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Income Growth and its Distribution from Eisenhower to Obama: The Growing Importance of In-Kind Transfers (1959-2016) James Elwell, Kevin Corinth, and Richard V. Burkhauser NBER Working Paper No. 26439 November 2019 JEL No. D31,H24,J3 ABSTRACT Using Census Bureau estimates of the market value of in-kind transfers and Current Population Survey (ASEC-CPS) data over the period 1979 to 2007, Burkhauser et al. -
Income and Poverty in the United States: 2017 Issued September 2018
IncoIncomeme andand P Povertyoverty in in the theUn Unitedited State States:s: 2017 2017 CurrentCurrent Population Reports ByBy KaylaKayla Fontenot,Fontenot, JessicaJessica Semega,Semega, andand MelissaMelissa KollarKollar IssuedIssued SeptemberSeptember 20182018 P60-263P60-263 Jessica Semega and Melissa Kollar prepared the income sections of this report Acknowledgments under the direction of Jonathan L. Rothbaum, Chief of the Income Statistics Branch. Kayla Fontenot prepared the poverty section under the direction of Ashley N. Edwards, Chief of the Poverty Statistics Branch. Trudi J. Renwick, Assistant Division Chief for Economic Characteristics in the Social, Economic, and Housing Statistics Division, provided overall direction. Susan S. Gajewski and Nancy Hunter, Demographic Surveys Division, and Lisa P. Cheok, Associate Directorate Demographic Programs, processed the Current Population Survey 2018 Annual Social and Economic Supplement file. Kirk E. Davis, Raymond E. Dowdy, Shawna Evers, Ryan C. Fung, Lan N. Huynh, and Chandararith R. Phe programmed and produced the historical, detailed, and publication tables under the direction of Hung X. Pham, Chief of the Tabulation and Applications Branch, Demographic Surveys Division. Nghiep Huynh and Alfred G. Meier, under the supervision of KeTrena Farnham and David V. Hornick, all of the Demographic Statistical Methods Division, con- ducted statistical review. Tim J. Marshall, Assistant Survey Director of the Current Population Survey, provided overall direction for the survey implementation. Lisa P. Cheok and Aaron Cantu, Associate Directorate Demographic Programs, and Charlie Carter, Agatha Jung, and Johanna Rupp of the Application Development and Services Division prepared and programmed the computer-assisted interviewing instru- ment used to conduct the Annual Social and Economic Supplement. Additional people within the U.S. -
Income, Expenditures, Poverty, and Wealth
Section 13 Income, Expenditures, Poverty, and Wealth This section presents data on gross periodically conducts the Survey of domestic product (GDP), gross national Consumer Finances, which presents finan- product (GNP), national and personal cial information on family assets and net income, saving and investment, money worth. The most recent survey is available income, poverty, and national and at <http://www.federalreserve.gov/pubs personal wealth. The data on income and /oss/oss2/scfindex.html>. Detailed infor- expenditures measure two aspects of the mation on personal wealth is published U.S. economy. One aspect relates to the periodically by the Internal Revenue National Income and Product Accounts Service (IRS) in SOI Bulletin. (NIPA), a summation reflecting the entire complex of the nation’s economic income National income and product— and output and the interaction of its GDP is the total output of goods and major components; the other relates to services produced by labor and prop- the distribution of money income to erty located in the United States, valued families and individuals or consumer at market prices. GDP can be viewed in income. terms of the expenditure categories that comprise its major components: The primary source for data on GDP, GNP, personal consumption expenditures, national and personal income, gross gross private domestic investment, net saving and investment, and fixed assets exports of goods and services, and gov- and consumer durables is the Survey of ernment consumption expenditures and Current Business, published monthly by gross investment. The goods and services the Bureau of Economic Analysis (BEA). included are largely those bought for final A comprehensive revision to the NIPA use (excluding illegal transactions) in the was released beginning in July 2009. -
Designing a European Unemployment Insurance Scheme
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Andor, László et al. Article — Published Version Designing a European unemployment insurance scheme Intereconomics Suggested Citation: Andor, László et al. (2014) : Designing a European unemployment insurance scheme, Intereconomics, ISSN 1613-964X, Springer, Heidelberg, Vol. 49, Iss. 4, pp. 184-203, http://dx.doi.org/10.1007/s10272-014-0500-4 This Version is available at: http://hdl.handle.net/10419/106778 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Forum DOI: 10.1007/s10272-014-0500-4 Designing a European Unemployment Insurance Scheme With disparities in national unemployment rates reaching record levels, the debate on fi scal stabilisers in Europe has gained new momentum. -
U.S. Economy in Slow Roll Toward Full Late-Cycle Phase
leadership series NOVEMBER 2016 BUSINESS CYCLE UPDATE U.S. Economy in Slow Roll Toward Full Late-Cycle Phase Strengthening inflationary signals are directionally consistent with prior late-cycle phases Dirk Hofschire, CFA l Senior Vice President, Asset Allocation Research Lisa Emsbo-Mattingly l Director of Asset Allocation Research Jacob Weinstein, CFA l Senior Analyst, Asset Allocation Research Joshua Lund-Wilde, CFA l Research Analyst, Asset Allocation Research MORE IN KEY TAKEAWAYS THIS ISSUE • The late-cycle phase can often be characterized as an overheating stage for the economy, when Credit Standards Tightening as Spreads Narrow growth peaks and inflation accelerates. PAGE #3 • The low magnitude of growth and inflation has Wage Growth Continues to Accelerate prolonged this U.S. cycle, but similarities in the PAGE #3 direction of the cycle resemble historical late- cycle transitions. Asset Allocation Implications of Late Cycle PAGE #4 • U.S. inflation is poised to accelerate amid tighter U.S. Business Cycle: Consumer Supports Continued labor markets and higher oil prices. Expansion • With the global trade recession of 2015 in PAGE #5 the past, worldwide deflationary pressures are Global Deflationary Pressures Receding receding. PAGE #6 • The late-cycle phase historically has warranted China Enters Early Cycle smaller cyclical asset allocation tilts and has PAGE #6 favored inflation-resistant assets. Business Cycle Framework PAGE #7 Fidelity’s Asset Allocation Research Team employs a multi-time-horizon asset allocation approach that analyzes trends among three temporal segments: tactical (short term), business cycle (medium term), and secular (long term). This monthly report focuses primarily on the intermediate-term fluctuations in the business cycle, and the influence those changes could have on the outlook for various asset classes. -
Eu Regular Economic Report
102089 E U Public Disclosure Authorized REGULAR ECONOMIC REPORT 2 SUSTAINING RECOVERY, IMPROVING LIVING STANDARDS Public Disclosure Authorized FALL 2015 Public Disclosure Authorized Public Disclosure Authorized The EU Regular Economic Report (RER), is a semi- Anil Onal, Barbara Cunha, Tu Chi Nguyen, Natalia Millan, annual publication of the World Bank Group and Paul Andres Corral Rodas, Leszek Kasek, Raquel Letelier, covers economic developments, prospects, and Alena Kantarovich, Natalie Nicolaou, Tulu Balkir, Sanja economic policies in the European Union. The report Madzarevic-Sujster, Stella Ilieva, Jose Luis Sanchez, Marc uses four sub-groups that share broadly similar develop- Schiffbauer, Sonia Plaza, Andrei Silviu Dospinescu, Ekaterine ment patterns EU (see map): Central Europe comprises T. Vashakmadze, Emilia Skrok, Catalin Pauna, Pilar Salgado ACKNOWLEDGMENTS Bulgaria, Croatia, Czech Republic, Hungary, Poland, Otonel, Suzana Petrovic, and Magali Pinat. Tito Cordella AND Romania, Slovak Republic and Slovenia; Northern Europe provided excellent advice throughout the preparation of comprises Denmark, Estonia, Finland, Latvia, Lithuania this report. The dissemination of the report and media and Sweden; Southern Europe comprises Cyprus, Greece, relations are managed by an External Communication NOTES Italy, Portugal and Spain; Western Europe comprises team comprising Andrew Kircher and Anna Kowalczyk. Austria, Belgium, France, Germany, Ireland, Luxembourg, The team is grateful to Christian Bodewig and Jean- the Netherlands and the United Kingdom. While the Francois Marteau (Acting Country Directors, Central report covers the European Union, it provides additional Europe and the Baltic States), Satu Kähkönen (Director, information on European countries which had historically Macroeconomics and Fiscal Global Management), Ivailo a stronger operational engagement with the World Bank Izvorski (Practice Manager, Macroeconomics and Fiscal Group, in particular, Bulgaria, Croatia, Poland and Romania.