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Photo of Michael G. Palumbo

Michael G. Palumbo

Associate Director

Program Direction Section

Research and Statistics


michael.g.palumbo@frb.gov
Education
  • Ph.D., Economics, University of Virginia, 1992
  • M.A., Economics, University of Virginia, 1988
  • B.S., Mathematical Economics, Wake Forest University, 1986
  • Current Research Topics

  • Causes and Consequences of Household Leverage
  • Financial Stability and Macroprudential Policy
    • Economist

      Board of Governors of the Federal Reserve System

    • 1999 - present
    • Assistant Professor and Associate Professor

      Department of Economics, University of Houston

    • 1991 - 2000
  • Cooper, Daniel H., Byron F. Lutz, and Michael G. Palumbo (2012). "Quantifying the Role of Federal and State Taxes in Mitigating Wage Inequality," Finance and Economics Discussion Series 2012-05. Board of Governors of the Federal Reserve System.
  • Cooper, Daniel H., Byron Lutz, and Michael G. Palumbo (2011). "Quantifying the Role of Federal and State Taxes in Mitigating Income Inquality," Public Policy Discussion Paper Series 2011-7. Federal Reserve Bank of Boston.
  • Eichner, Matthew J., Donald L. Kohn, and Michael G. Palumbo (2010). "Financial Statistics for the United States and the Crisis: What did they Get Right, what did they Miss, and how should they Change?" Finance and Economics Discussion Series 2010-20. Board of Governors of the Federal Reserve System (U.S.).
  • Moore, Kevin B., and Michael G. Palumbo (2010). "The Finances of American Households in the Past Three Recessions: Evidence from the Survey of Consumer Finances," Finance and Economics Discussion Series 2010-06. Board of Governors of the Federal Reserve System (U.S.).
  • Love, David A., Michael G. Palumbo, and Paul A. Smith (2009). "The Trajectory of Wealth in Retirement," Journal of Public Economics, vol. 93, no. 1-2, pp. 191-208.
  • Dynan, Karen E., Wendy Edelberg, and Michael G. Palumbo (2009). "The Effects of Population Aging on the Relationship among Aggregate Consumption, Saving, and Income," American Economic Review, vol. 99, no. 2, pp. 380-386.
  • Palumbo, Michael G., and Jonathan A. Parker (2009). "The Integrated Financial and Real System of National Accounts for the United States: Does it Presage the Financial Crisis?" American Economic Review, vol. 99, no. 2, pp. 80-86.
  • Palumbo, Michael G., and Jonathan A. Parker (2009). "The Integrated Financial and Real System of National Accounts for the United States: Does it Presage the Financial Crisis?" NBER Working Papers 14663. National Bureau of Economic Research, Inc.
  • Davis, Morris A., and Michael G. Palumbo (2008). "The Price of Residential Land in Large US Cities," Journal of Urban Economics, vol. 63, no. 1, pp. 352-384.
  • James, John A., Michael G. Palumbo, and Mark Thomas (2007). "Consumption Smoothing among Working-Class American Families before Social Insurance," Oxford Economic Papers, vol. 59, no. 4, pp. 606-640.
  • Palumbo, Michael, Jeremy Rudd, and Karl Whelan (2006). "On the Relationships between Real Consumption, Income, and Wealth," Journal of Business and Economic Statistics, vol. 24, no. 1, pp. 1-11.
  • James, John A., Michael G. Palumbo, and Mark Thomas (2005). "Have American Workers always been Low Savers? Patterns of Accumulation among Working Households, 1885-1910," in Field, Alexander,J. ed., Research in Economic History, Vol 23. San Diego and Amsterdam: Elsevier, pp. 127-175.
  • Antoniewicz, Rochelle, Susan Hume McIntosh, Charles Ian Mead, Karin Moses, Brent Moulton, Michael Palumbo, Genevieve Solomon, and Albert M. Teplin (2004). "Integrated Macroeconomic Accounts for the United States: Draft SNA-USA," Finance and Economics Discussion Series 2004-54. Board of Governors of the Federal Reserve System (U.S.).
  • Ballinger, T. Parker, Michael G. Palumbo, and Nathaniel T. Wilcox (2003). "Precautionary Saving and Social Learning Across Generations: An Experiment," Economic Journal, vol. 113, no. 490, pp. 920-947.
  • Mieszkowski, Peter, and Michael G. Palumbo (2002). "Distributive Analysis of Fundamental Tax Reform," in Zodrow, George,R., Mieszkowski Peter eds., United States Tax Reform in the Twenty-First Century. Cambridge; New York and Melbourne: Cambridge University Press, pp. 140-178.
  • Maki, Dean M., and Michael G. Palumbo (2001). "Disentangling the Wealth Effect: A Cohort Analysis of Household Saving in the 1990s," Finance and Economics Discussion Series 2001-21. Board of Governors of the Federal Reserve System (U.S.).
  • Davis, Morris A., and Michael G. Palumbo (2001). "A Primer on the Economics and Time Series Econometrics of Wealth Effects," Finance and Economics Discussion Series 2001-09. Board of Governors of the Federal Reserve System (U.S.).
  • Palumbo, Michael G. (2000). "Estimating the Effects of Earnings Uncertainty on Families' Saving and Insurance Decisions," Southern Economic Journal, vol. 67, no. 1, pp. 64-86.
  • Palumbo, Michael G. (1999). "Uncertain Medical Expenses and Precautionary Saving Near the End of the Life Cycle," Review of Economic Studies, vol. 66, no. 2, pp. 395-421.
  • Craig, Steven G., and Michael G. Palumbo (1999). "Policy Interaction in the Provision of Unemployment Insurance and Low-Income Assistance by State Governments," Journal of Regional Science, vol. 39, no. 2, pp. 245-274.
  • Thomas, Mark, John A. James, and Michael G. Palumbo (1999). "Retirement Saving before Social Security," In Proceedings of the Ninety-First Annual Conference on Taxation, Austin, Texas, November 8-10, 1998 and Minutes of the Annual Meeting of the National Tax Association, November 8, 1998. National Tax Association, pp. 361-370.
  • Lavy, Victor, Michael Palumbo, and Steven Stern (1998). "Simulation of Multinomial Probit Probabilities and Imputation of Missing Data," in Fomby, Thomas,B., R. Hill Carter eds., Messy Data--Missing Observations, Outliers, and Mixed-Frequency Data. Conn. and London: JAI Press, pp. 145-179.
  • Glomm, Gerhard, and Michael G. Palumbo (1993). "Optimal Intertemporal Consumption Decisions Under the Threat of Starvation," Journal of Development Economics, vol. 42, no. 2, pp. 271-291.
  • conference

    October 2013

    Confernce on "New Perspectives on Consumer Behavior in Credit and Payment Markets," Federal Reserve Bank of Philadelphia

    Discussion of "Financial Constraints and Consumers' Response to Cash-Flow News: Direct Evidence from Federal Tax Return Filings" by Brian Baugh, et al

  • conference

    September 2012

    Conference on "Improving Data and Analysis for Financial Stability," Federal Reserve Bank of Philadelphia

    A Framework for Monitoring Systemic (Financial) Risks

  • conference

    March 2011

    Conference on "Household Portfolio Choice and Investment Decisions," The Wharton School of the University of Pennsylvania

    A Perspective on Housing and Mortgage Markets in the U.S. Five Years after the Peak

  • conference

    November 2010

    Annual Research Conference of the National Tax Association, Denver, Colorado

    Quantifying the Role of Federal and State Taxes in Mitigating Income Inequality

  • conference

    November 2010

    Conference on Research in Income and Wealth, "Wealth, Financial Intermediation, and the Real Economy," Washington, DC

    Financial Statistics for the United States and the Crisis: What Did They Get Right, What Did They Miss, and How Should They Change?

  • conference

    October 2010

    5th European Central Bank Conference on Statistics, "Central Bank Statistics: What Did the Financial Crisis Change?" Frankfurt, Germany

    Financial Statistics for the United States and the Crisis: What Did They Get Right, What Did They Miss, and How Should They Change?

  • conference

    April 2010

    Annual Research Conference of the Royal Economic Society, Surry, England

    The Finances of American Households in the Past Three Recessions: Evidence from the Survey of Consumer Finances

  • seminar

    March 2010

    Institute for Fiscal Studies, London, England

    Understanding the Distribution of Wealth at Retirement: Is It What Folks Earned or What They Did with It?

  • conference

    October 2009

    Conference on "Household Finance and Macroeconomics," Banco de Espana, Madrid, Spain

    The Finances of American Households in the Past Three Recessions: Evidence from the Survey of Consumer Finances

  • conference

    March 2009

    Conference on "Housing, Debt, and Financial Market Expectations," Judge School of Business at the University of Cambridge, Cambridge, England

    Home Prices and the Supply of Mortgage Credit: Feedback in the U.S. Housing Market Boom and Bust

  • conference

    February 2009

    2nd IMF Roundtable Meeting to Enhance Collaboration on Financial Stability Analysis, Bank for International Settlements, Basel, Switzerland

    A Case Study of Financial Stability Analysis and Policy Reform: The Run on U.S. Money Market Funds in September 2008

  • conference

    January 2009

    Annual Research Conference of the American Economic Association, San Francisco, CA

    The Effects of Population Aging on the Relationship among Aggregate Consumption, Saving, and Income

  • conference

    January 2009

    Annual Research Conference of the American Economic Association, San Francisco, CA

    The Integrated Financial and Real System of National Accounts for the United States: Does It Presage the Financial Crisis?

Conference Organization

  • November 2010 Board of Governors of the Federal Reserve System

    NBER/CRIW Conference on "Wealth, Financial Intermediation, and the Real Economy"

    Co-organizer with C. Hulten and M. Reinsdorf

Referee

  • American Economic Review
  • American Economic Journal: Economic Policy
  • Journal of Applied Econometrics
  • Journal of Business and Economic Statistics
  • Journal of Human Resources
  • Journal of Political Economy
  • Quarterly Journal of Economics
  • Review of Economics and Statistics

Professional Affiliation

  • American Economic Association (AEA)
  • Member of the AEA Committee on Economic Statistics
  • Conference on Research in Income and Wealth
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Last update: October 6, 2014