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Journal Article
Introduction
This volume of the Economic Policy Review, "Special issue on the economic effects of September 11," explores some of the key economic consequences of the attacks of September 11. The six articles that make up the volume address several important questions: how great were the losses in New York City on September 11 and in the difficult months thereafter? How much will the nation spend to prevent future attacks? Did the destruction of information and infrastructure impair the functioning of the payments and securities settlement systems, and what steps minimize further damage? Will these ...
Journal Article
Why do wages vary among employers?
A review of empirical evidence on intra- and interindustry wage differentials among industries and establishments, presenting five alternative explanations for large and persistent variance in wages across employers, as well as policy implications for the alternatives.
Report
The effects of inflation on wage adjustments in firm-level data: grease or sand?
This paper studies the effects of inflation on wage changes made by firms in a unique thirty-seven-year panel of occupations and employers drawn from the Federal Reserve Bank of Cleveland Community Salary Survey (CSS). Our analysis first identifies two relative prices embedded in wage changes and, second, draws inferences about the costs and benefits of inflation from the adjustments in these relative prices. Typically, firms manage employer-wide wage adjustments (controlling for occupational wage changes) separately from their interoccupational wage changes (controlling for employer wage ...
Journal Article
Live long and prosper: challenges ahead for an aging population
Over the next thirty years, the percentage of people who are 65 and over will grow rapidly while the percentage of people in their working years will decline. This shift in the age distribution of the population will put enormous pressure on social security systems in the United States, Germany, and Japan as the number of workers whose payroll taxes fund each retiree drops sharply.
Journal Article
Firms' wage adjustments: a break from the past
Journal Article
U.S. jobs gained and lost through trade: a net measure
Recent concerns about the transfer of U.S. services jobs to overseas workers have deepened long-standing fears about the effects of trade on the domestic labor market. But a balanced view of the impact of trade requires that we consider jobs created through the production of U.S. exports as well as jobs lost to imports. A new measure of the jobs gained and lost in international trade flows suggests that the net number of U.S. jobs lost is relatively small-2.4 percent of total U.S. employment as of 2003.
Report
Identifying inflation's grease and sand effects in the labor market
Inflation has been accused of causing distortionary prices and wage fluctuations (sand) as well as lauded for facilitating adjustments to shocks when wages are rigid downwards (grease). This paper investigates whether these two effects can be distinguished from each other in a labor market by the following identification strategy: inflation-induced deviations among employer's mean wage-changes represent unintended intramarket distortions (sand), while inflation-induced, inter-occupational wage-changes reflect intended alignments with intermarket forces (grease). Using a unique 40-year panel ...
Working Paper
Firms' wage adjustments: a break from the past?
The authors examine 39 years of wage data for workers in mobile occupations within a set of employers in three midwestern cities. They study wage changes during years of rising, falling, and steady inflation to identify regularities that could broaden understanding of the inflationary process at the micro level.
Journal Article
Labor market developments in the United States and Canada since 2000: conference overview and summary of papers
These articles were presented at a conference in December 2004, convened to consider the disparity in job growth between the United States and Canada-namely, while the United States was struggling to create jobs, the number of Canadian jobs was increasing. The conference was cosponsored by the Canadian Consulate General in New York, the Centre for the Study of Living Standards, the Federal Reserve Bank of New York and the New York Association for Business Economics.
Working Paper
HRM policy and increasing inequality in a salary survey
A look at the implications for human resource management of the rising wage disparity found in a three-decades-long private salary survey conducted by the Federal Reserve Bank of Cleveland.