Search Results
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.
Journal Article
The Unemployment and Participation Rates for Aggregate Human Capital
To assess the loss in aggregate production, unemployment and labor force participation must account for the human capital of workers.
Working Paper
A Theory of Economic Unions: A Comment
Gino Gancia, Giacomo Ponzetto and Jaume Ventura have written an extremely interesting paper on a topic that is very timely for the global economy. In this article, I will first argue that GPV have succeeded in formalizing their hypothesis, and that while providing very suggestive analytical results, additional work can and should be done with the model, especially with regards to relative changes in the relative weights of incumbent countries. Second, I will comment on the potential insights if the rest of the world is modeled more realistically. Third, I will call for extending the baseline ...
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
The United States as a Global Financial Intermediary and Insurer
In times of global crisis, the rest of the world gains from investing in U.S. assets.
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 ...
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.
Faster Payments, More Disruptions
New payment technologies have transformed the banking system by increasing the efficiency and mechanisms to transfer funds. How will these innovations disrupt the banking system?
The Role of Innovations in Global Trade: The Shipping Container
A simple trade innovation—the use of shipping containers—may have contributed to the rapid expansion of global trade over the past 50 years.
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, ...