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Journal Article
The Choice to See
Public service is not a job. It’s a choice to see people clearly and to act on what you see. This is the message of the following commencement speech delivered on May 12 by the president and CEO of the Federal Reserve Bank of San Francisco to the Sol Price School of Public Policy, University of Southern California, Los Angeles.
Working Paper
Inequality and poverty in the United States: the effects of changing family behavior and rising wage dispersion
The trend toward increasing inequality in family income in the United States since the late 1960s is well documented. Among key possible explanations for this increase are rising dispersion in individual earnings, changes in female labor supply decisions, and changes in family composition and living arrangements. We analyze the contribution of these factors to changes in family income inequality and poverty during the years 1969-1998, focusing on labor supply and family structure as behavioral changes but accounting also for changes in the distribution of male earnings. Our analyses rely on ...
Journal Article
Jobless recovery redux?
Although the pace of layoffs appears to be subsiding and the overall economy is showing hints of stabilization, most forecasters expect unemployment to continue to increase in coming months and to recede only gradually as recovery takes hold. In this Economic Letter, we evaluate this projection using data on three labor market indicators: worker flows into and out of unemployment; involuntary part-time employment; and temporary layoffs. We pay particular attention to how these indicators compare with data from previous episodes of recession and recovery. Our analysis generally supports ...
Working Paper
Left behind: SSI in the era of welfare reform
SSI was established in 1972, born out of a compromise at the time between those wanting to provide a guaranteed income floor and those wishing to limit it to individuals not expected to work: the aged, blind, and disabled. SSI is now the largest federal means-tested program in the United States, serving a population dominated by low-income adults and children with disabilities. With other forms of federal support devolving to state programs (e.g., welfare), policymakers pressing to redefine social expectations about who should and should not work, and the Americans with Disabilities Act ...
Speech
2020 Lessons, 2021 Priorities
Virtual Presentation at Arizona State University, Tempe, AZ, by Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, Tuesday, December 1, 2020
Journal Article
From Gaps to Growth: Equity as a Path to Prosperity
The pandemic has shined a vivid light on the deep roots of economic inequity, showing that the rules are not the same for everyone. Persistent, unfair gaps in opportunity and well-being across different groups in our society limit people’s potential. Eliminating these inequities could substantially boost GDP and increase the economy’s long-run rate of growth, leading to greater prosperity for all.
Speech
What the Moment Demands
Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, 33rd Frankfurt European Banking Congress, Frankfurt, Germany, November 17, 2023, 3:30 PM CET (local), 6:30 AM PST
Speech
The Choice to See
Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, Commencement Address, Sol Price School of Public Policy University of Southern California, Los Angeles, CA, May 12, 2023, 11:00 AM PDT
Journal Article
Interprovincial inequality in China
In this Economic Letter, we document the increasing income inequality among Chinese provinces over the past two decades. Our discussion highlights three important facts. First, economic growth has lifted living standards throughout China, with all provinces gaining in absolute terms. Second, economic growth has benefited some provinces more than others, increasing regional income inequality. Third, no single explanation can account for the steady increase in inequality among provinces over time. These observations suggest that China, like many industrialized nations, will continue to struggle ...
Journal Article
Understanding state budget troubles