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Photo of Michael G. Palumbo

Michael G. Palumbo

Senior Associate Director Program Direction Section Research and Statistics
[email protected]

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)
    https://doi.org/10.7208/chicago/9780226204437.003.0002
    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
    Albert Teplin, Charles Mead, Brent Moulton, Rochelle Antoniewicz, Susan McIntosh, Michael Palumbo, and Genevieve Solomon
    BEA Working Paper Series (2005)
    See also » FRB Working Paper (2004)
  • Integrated Macroeconomic Accounts for the United States: Draft SNA-USA
    Rochelle Antoniewicz, Susan Hume McIntosh, Charles Ian Mead, Karin Moses, Brent Moulton, Michael Palumbo, Genevieve 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
  • Health Uncertainty and Optimal Consumption Near the End of the Life Cycle
    Michael Palumbo
    University of Virginia (1992)
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
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Last Update: July 1, 2025