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Author: Luengo-Prado, Maria Jose

Resulting in 4 citations.

1.	Cooper, Daniel H. Luengo-Prado, Maria Jose
1.	Household Formation over Time: Evidence from Two Cohorts of Young Adults Working Paper No. 16-17, Federal Reserve Bank of Boston, February 2017. Also: https://www.bostonfed.org/publications/research-department-working-paper/2016/household-formation-over-time-evidence-from-two-cohorts-of-young-adults.aspx Cohort(s): NLSY79, NLSY97 Publisher: Federal Reserve Bank of Boston Keyword(s): Household Composition; Residence, Return to Parental Home/Delayed Homeleaving Permission to reprint the abstract has not been received from the publisher. This paper analyzes household formation in the United States using data from two cohorts of the national Longitudinal Survey of Youth (NLSY)--the 1979 cohort and the 1997 cohort. The analysis focuses on how various demographic and economic factors impact household formation both within cohorts and over time across cohorts. The results show that there are substantial differences over time in the share of young adults living with their parents. Differences in housing costs and business-cycle conditions can explain up to 70 percent of the difference in household-formation rates across cohorts. Shifting attitudes toward co-habitation with parents and changes in parenting styles also play a role.
	Bibliography Citation Cooper, Daniel H. and Maria Jose Luengo-Prado. "Household Formation over Time: Evidence from Two Cohorts of Young Adults." Working Paper No. 16-17, Federal Reserve Bank of Boston, February 2017.

2.	Cooper, Daniel H. Luengo-Prado, Maria Jose
2.	Household Formation over Time: Evidence from Two Cohorts of Young Adults Journal of Housing Economics 41 (September 2018): 106-123. Also: https://www.sciencedirect.com/science/article/pii/S1051137717303108 Cohort(s): NLSY79, NLSY97 Publisher: Elsevier Keyword(s): Household Composition; Parenting Skills/Styles; Residence, Return to Parental Home/Delayed Homeleaving This paper examines how various demographic and economic factors impact household formation both within and across cohorts. The results show substantial differences in the share of young adults living with their parents over time. Differences in demographics, housing costs, and business-cycle conditions can explain as much as 70 percent of the difference in household-formation rates across cohorts, a result driven in large part by increased sensitivity of young adults' household-formation decisions to economic conditions. Changes in parenting styles and shifting social norms likely also play roles.
	Bibliography Citation Cooper, Daniel H. and Maria Jose Luengo-Prado. "Household Formation over Time: Evidence from Two Cohorts of Young Adults." Journal of Housing Economics 41 (September 2018): 106-123.

3.	Gorbachev, Olga Luengo-Prado, Maria Jose
3.	The Credit Card Debt Puzzle: The Role of Preferences, Credit Access Risk, and Financial Literacy Review of Economics and Statistics 101,2 (May 2019): 294-309. Also: https://www.mitpressjournals.org/doi/abs/10.1162/rest_a_00752 Cohort(s): NLSY79 Publisher: MIT Press Keyword(s): Credit/Credit Constraint; Debt/Borrowing; Financial Literacy; Risk Perception We use the 1979 National Longitudinal Survey of Youth to revisit what is termed the credit card debt puzzle: why consumers simultaneously co-hold high-interest credit card debt and low-interest assets that could be used to pay down this debt. Relative to individuals with no credit card debt but positive liquid assets, borrower-savers have very different perceptions of future credit access risk and use credit cards for precautionary motives. Moreover, changing perceptions about credit access risk are essential for predicting transitions among the two groups. Preferences and the composition of financial portfolios also play a role in these transitions.
	Bibliography Citation Gorbachev, Olga and Maria Jose Luengo-Prado. "The Credit Card Debt Puzzle: The Role of Preferences, Credit Access Risk, and Financial Literacy." Review of Economics and Statistics 101,2 (May 2019): 294-309.

4.	Gorbachev, Olga Luengo-Prado, Maria Jose
4.	The Credit Card Debt Puzzle: The Role of Preferences, Credit Risk, and Financial Literacy Working Paper No. 2016-6, Federal Reserve Bank of Boston, July 2016. Also: https://www.bostonfed.org/publications/research-department-working-paper/2016/the-credit-card-debt-puzzle-the-role-of-preferences-credit-risk-and-financial-literacy.aspx Cohort(s): NLSY79 Publisher: Federal Reserve Bank of Boston Keyword(s): Assets; Credit/Credit Constraint; Debt/Borrowing; Financial Behaviors/Decisions; Financial Literacy; Savings Permission to reprint the abstract has not been received from the publisher. As of 1983 in the United States, and later in Denmark and the United Kingdom, researchers have documented a type of consumer behavior that has come to be known as the "credit card debt puzzle": individuals who choose to revolve unsecured high-interest credit card debt while also holding low interest-bearing monetary assets that could be used to pay down these balances. The authors use a dataset constructed from the 1979 National Longitudinal Survey of Youth (NLSY79) in order to test different theoretical explanations for the credit card debt puzzle. The NLSY dataset permits examination of the credit card debt puzzle over different time periods, it contains measures of intelligence, financial literacy, and risk preferences, and provides details on household income, assets and liabilities. Based on reported amounts of credit card debt and liquid monetary assets, the authors divide the NLSY79 respondents into four categories: borrower-saver (the puzzle group holding both debt and assets), borrowers (debt, no assets), neutral (no debt, no assets), and savers (assets, no debt).
	Bibliography Citation Gorbachev, Olga and Maria Jose Luengo-Prado. "The Credit Card Debt Puzzle: The Role of Preferences, Credit Risk, and Financial Literacy." Working Paper No. 2016-6, Federal Reserve Bank of Boston, July 2016.

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