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Journal Article
Cell Phone Data Suggest Persistent Differences in Work from Home by Income, Race, and Education during the Pandemic
Social-distancing policies to combat the spread of COVID-19 led to an initial spike in work from home. We use high-frequency cell phone geolocation data to assess how work from home has evolved since then. We show that work from home declined as restrictions eased but remains above pre-pandemic levels. In addition, we find that differences across income, race, and education in work from home that emerged with the pandemic persist a year later.
Journal Article
How You Say It Matters: Text Analysis of FOMC Statements Using Natural Language Processing
The Federal Reserve has increasingly used public statements to shape expectations about future policy actions. After the Great Recession, when the nominal short-term interest rate reached its effective lower bound, the Federal Open Market Committee turned toward explicit forward guidance about the future path of the policy rate as well as the amount and composition of large-scale asset purchases in their post-meeting statements. Although these statements sometimes included quantitative information, they also included more nuanced, qualitative descriptions of economic conditions. However, ...
Working Paper
The Economic Effects of a Rapid Increase in the Minimum Wage: Evidence from South Korea Experiments
South Korea raised the nationwide minimum wage substantially in 2018 and 2019, and the minimum wage rose from 53 percent of the median wage to 63 percent. While the minimum wage has been increasing steadily over decades, the rapid pace in 2018–19 was largely unexpected and driven by a sudden shift in the political environment. We study the economic effects of this minimum wage hike on employment, wages, and labor productivity using South Korean manufacturing firm data. To ensure that sector-specific factors do not drive our main results, we supplement our analysis with data sources covering ...