Income disparities by race are large and persistent in the U.S., and shifts in economic cycles often exacerbate these inequalities. Recent cycles, such as the pandemic-induced recession, offer a glimpse into how a tight labor market and targeted fiscal supports can boost broad-based economic...

Even amidst strong macroeconomic conditions, families experience high levels of income volatility that have important implications for well-being. Families with limited liquid assets are dramatically less likely to smooth consumption in the face of income fluctuations, and it stands to reason...

In this report, the JPMorgan Chase Institute assembled a de-identified data asset of over 250,000 Chase customers between 2013 and 2015 in order to study how consumers' expenses vary over time and how their financial behavior changes when faced with extraordinary medical payments. We organize...

In this report the JPMorgan Chase Institute leverages de-identified administrative data on Chase customers between October 2012 and September 2015 to describe the key sources of income volatility among U.S. individuals and the size and growth of the Online Platform Economy. Our findings on...

In this report, we examine the housing wealth effect channel of monetary policy and measure the increase in consumption as a result of the large increase in house prices after the Great Recession using administrative banking data, including transaction-level deposit and credit card data and...