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Journal Article
Currency returns during the financial crisis and great recession
The volume and volatility of international capital flows have motivated recent interest in the optimal use of capital controls and the communication and coordination among central banks.
Why Human Capital Matters Why Human Capital Matters
An economist at the St. Louis Fed discusses the growing importance of human capital in determining a nation’s income.
Learning from Experience: Why Nations May Have Responded Differently to COVID-19
Countries affected by the SARS pandemic in 2002-03 appear to have responded to COVID-19 more quickly and effectively with tests and mobility restrictions.
Journal Article
Workers Abroad Are Catching Up to U.S. Skill Levels
Although U.S. workers still command a considerable lead with respect to most countries in the world, it is remarkable how strongly other countries have been able to catch up over the past 60 years. From essentially being the sole provider of high-skill workers for both the U.S. and the world economies, U.S. workers must compete, domestically and internationally, in knowledge and skills with workers from many other countries. No matter how tough the challenges brought on by more competition become, American workers?of all education levels?can obtain productive opportunities from knowledge ...
Journal Article
Shifting Times: The Evolution of the American Workplace
We explore the substantial shifts in the American labor force and workplace over almost 70 years, showing that the identity, education, race and occupations of the average American worker have all been changing. We document big changes in the types of jobs being done by American workers and on the assignment of jobs across workers with different educational levels and other characteristics. Regardless of how much more challenging labor markets become for everyone, the aggregate productivity is higher when the country takes advantage of the talent of all the demographic groups and not just a ...
Technological Innovations and Global Trade of Services
Technological innovations may give the U.S. a significant advantage in the global trade of services, which could potentially help the U.S. close its trade deficit.
Journal Article
Women Affected Most by COVID-19 Disruptions in the Labor Market
Despite gains in highly skilled jobs over the years, women experienced a higher unemployment rate than men during the 2020 recession.
Journal Article
Hispanics and Their Contribution to America’s Human Capital
In this article, we explore the transformation in the human capital of Hispanics and how these shifts have impacted their occupations and integration into the American workplace. We describe not only the substantial increase in the numbers but also the significant diversity and assimilation of Hispanic workers in the U.S., how they compare with their peers in terms of education, and their participation in different occupations. We also put emphasis on the presence of Hispanics in the higher-earning occupations and describe the increased role of Hispanic women in those occupations.
Journal Article
Recent trends in student loans: more loans and higher balances
Student loan borrowing accelerated during the Great Recession and now outranks any non-mortgage debt, including auto loans and credit card debt.
Journal Article
Should Capital Flow from Rich to Poor Countries?
Are human and physical capital stocks allocated efficiently across countries? To answer this question, we need to differentiate misallocation from factor intensity differences. We use newly available estimates on factor shares from Monge-Naranjo, Santaeullia-Llopis, and Snchez (2019) to correctly measure the factor shares of physical and human capital for a large number of countries and periods. We find that the global efficiency losses of the misallocation of human capital are much more substantial than those of physical capital, amounting to 40 percent of the world?s output. Moreover, ...