We estimate the elasticity of consumption with respect to income using an instrument based on firm-wide changes in pay. While much of the consumption-smoothing literature uses variation in unusual windfall income, this instrument captures the temporary income variation that households typically...

We document substantial racial disparities in consumer bankruptcy outcomes and investigate the role of racial bias in contributing to these disparities. Using data on the near universe of US bankruptcy cases and self-reported and manually-identified measures of race, we show that minority filers...

We shed new light on historical black-white disparities in wealth and economic mobility by examining datasets of linked census records. First, we compare black and white men's intra- and inter-generational mobility into property ownership between 1870, the first census taken after the Civil War,...