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Journal Article
District Overview: As in the Nation, New Jobs in the District Are Concentrated in Low-Paying Industries
The Eighth District added about 150,000 jobs from 2010 to 2013, almost 75 percent of them in low-paying industries. Such jobs are growing at a faster rate than those in high-paying industries, the opposite of what is happening on the national level.
Journal Article
Bank Lending During Recessions
Tightening of lending standards can account for part of the negative loan growth during the 2007-09 recession.
Reading the Labor Market in Real Time
A coincident index developed by one of our economists can help gauge the pace of the recovery and obtain real-time information on the state of the labor market.
Working Paper
Improving Sovereign Debt Restructurings
The wave of sovereign defaults in the early 1980s and the string of debt crises in subsequent decades have fostered proposals involving policy interventions in sovereign debt restructurings. The global financial crisis and the recent global pandemic have further reignited this discussion among academics and policymakers. A key question about these policy proposals for debt restructurings that has proved hard to handle is how they influence the behavior of creditors and debtors. We address this challenge by evaluating policy proposals in a quantitative sovereign default model that ...
Journal Article
Which Jobs Have Been Hit Hardest by COVID-19?
Between mid-March and the end of April, U.S. unemployment rolls rose quickly to 33 million, while the unemployment rate jumped to almost 15%.
Recent Trends in Individual Wage Growth
Data analysis tracking pay gains among individual workers shows that median wage growth began accelerating in mid-2021 before peaking in mid-2022.
Trends in Real Wage Growth among Union, Nonunion Workers
This analysis uses the employment cost index to compare the real wage growth of union and nonunion workers during the COVID-19 pandemic period.
Journal Article
The Rise of Automation: How Robots May Impact the U.S. Labor Market
The growing presence of robots may affect U.S. demand for routine manual jobs like assembly work.
Journal Article
Startups Create Many Jobs, but They Often Don't Last
Despite the important role startups play in job growth, the importance of mature firms should not be understated. An important difference between young and old firms is the wage they pay. Older firms pay, on average, a much higher wage than younger firms. This is because a firm?s success is a function of productivity: Output per worker at surviving older firms is higher and, therefore, workers are paid a higher wage. Thus, while startups are very dynamic and have an important role in net job creation, in terms of total employment and earnings they tend to have a modest impact. Only the few ...