Photo of Michael G. Palumbo

Michael G. Palumbo

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
  • Where’s the Money Going? The Importance of Accounting for Rent Payments in Measuring a Household's Financial Obligations
    Andrew C. Chang, Joanne W. Hsu, Sarah J. Pack, and Michael G. Palumbo
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2213
  • Mapping Heat in the U.S. Financial System
    David Aikman, Michael T. Kiley, Seung Jung Lee, Michael G. Palumbo, and Missaka N. Warusawitharana
    Journal of Banking & Finance (2017)
    https://doi.org/10.1016/j.jbankfin.2017.04.013
    See also » FRB Working Paper (2015)
  • Financial Statistics for the United States and the Crisis: What Did They Get Right, What Did They Miss, and How Could They Change?
    Matthew J. Eichner, Kohn, and Donald L.Michael G. Palumbo
    Measuring Wealth and Financial Intermediation and Their Links to the Real Economy (2015)
    See also » FRB Working Paper (2010)
  • The Finances of American Households in the Past Three Recessions: Evidence from the Survey of Consumer Finances
    Kevin B. Moore and Michael G. Palumbo
    Finance and Economics Discussion Series (2010)
    https://doi.org/10.17016/FEDS.2010.06
  • The Integrated Financial and Real System of National Accounts for the United States: Does It Presage the Financial Crisis?
    Michael G. Palumbo and Jonathan A. Parker
    American Economic Review: Papers and Proceedings (2009)
    https://doi.org/10.1257/aer.99.2.80
  • The Effects of Population Aging on the Relationship among Aggregate Consumption, Saving, and Income
    Karen E. Dynan, Wendy Edelberg, and Michael G. Palumbo
    American Economic Review: Papers and Proceedings (2009)
    https://doi.org/10.1257/aer.99.2.380
  • The Trajectory of Wealth in Retirement
    David A. Love, Michael G. Palumbo, and Paul A. Smith
    Journal of Public Economics (2009)
    https://doi.org/10.1016/j.jpubeco.2008.09.003
    See also » FRB Working Paper (2008)
  • The Price of Residential Land in Large US Cities
    Morris A. Davis and Michael G. Palumbo
    Journal of Urban Economics (2008)
    https://doi.org/10.1016/j.jue.2007.02.003
    See also » FRB Working Paper (2006)
  • Consumption Smoothing among Working-Class American Families before Social Insurance
    John A. James, Michael G. Palumbo, and Mark Thomas
    Oxford Economic Papers (2007)
    https://doi.org/10.1093/oep/gpm007
    See also » FRB Working Paper (1999)
  • On the Relationships between Real Consumption, Income, and Wealth
    Michael Palumbo, Jeremy B. Rudd, and Karl Whelan
    Journal of Business & Economic Statistics (2006)
    https://doi.org/10.1198/073500105000000225
    See also » FRB Working Paper (2002)
  • Have American Workers always been Low Savers? Patterns of Accumulation among Working Households, 1885-1910
    John A. James, Michael G. Palumbo, and Mark Thomas
    Research in Economic History (2005)
    https://doi.org/10.1016/S0363-3268(05)23004-5
  • Integrated Macroeconomic Accounts for the United States: Draft SNA-USA
    Rochelle L. Antoniewicz, Susan Hume McIntosh, Charles Ian Mead, Karin Moses, Brent Moulton, Michael G. Palumbo, Genevieve R. Solomon, and Albert M. Teplin
    Finance and Economics Discussion Series (2004)
    https://doi.org/10.17016/FEDS.2004.54
  • Precautionary Saving and Social Learning Across Generations: An Experiment
    T. Parker Ballinger, Michael G. Palumbo, and Nathaniel T. Wilcox
    Economic Journal (2003)
    https://doi.org/10.1111/1468-0297.t01-1-00158
  • Distributive Analysis of Fundamental Tax Reform
    Peter Mieszkowski and Michael G. Palumbo
    United States tax reform in the twenty-first century (2002)
  • Disentangling the Wealth Effect: A Cohort Analysis of Household Saving in the 1990s
    Dean M. Maki and Michael G. Palumbo
    Finance and Economics Discussion Series (2001)
    https://doi.org/10.17016/FEDS.2001.21
  • A Primer on the Economics and Time Series Econometrics of Wealth Effects
    Morris A. Davis and Michael G. Palumbo
    Finance and Economics Discussion Series (2001)
    https://doi.org/10.17016/FEDS.2001.09
  • Estimating the Effects of Earnings Uncertainty on Families' Saving and Insurance Decisions
    Michael G. Palumbo
    Southern Economic Journal (2000)
    https://doi.org/10.2307/1061613
  • Retirement Saving before Social Security
    Mark Thomas, John A. James, and Michael G. Palumbo
    Proceedings of the Annual Conference on Taxation (1999)
  • Policy Interaction in the Provision of Unemployment Insurance and Low-Income Assistance by State Governments
    Steven G. Craig and Michael G. Palumbo
    Journal of Regional Science (1999)
    https://doi.org/10.1111/1467-9787.00133
  • Uncertain Medical Expenses and Precautionary Saving Near the End of the Life Cycle
    Michael G. Palumbo
    Review of Economic Studies (1999)
    https://doi.org/10.1111/1467-937X.00092
  • Simulation of Multinomial Probit Probabilities and Imputation of Missing Data
    Victor Lavy, Michael Palumbo, and Steven Stern
    Messy data--Missing observations, outliers, and mixed-frequency data (1998)
  • Optimal Intertemporal Consumption Decisions under the Threat of Starvation
    Gerhard Glomm and Michael G. Palumbo
    Journal of Development Economics (1993)
    https://doi.org/10.1016/0304-3878(93)90021-E
  • conference

    May 2015

    Chief Economist Workshop on "The Future of Money", Centre for Central Banking Studies, Bank of England

    Strategies for Improving the U.S. Payments System

  • 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)
  • Conference on Research in Income and Wealth
Last update: February 22, 2022