Search Results
The Allocation of Immigrant Talent across Countries: Employment Gaps
A cross-country analysis found immigrants were more likely than natives to work in fields like food service and less likely to be in fields like engineering.
Journal Article
The Allocation of Immigrant Talent in the United States
Immigrants account for close to 20% of the U.S. labor force, but they often do not have an easy time navigating U.S. labor markets.
Journal Article
The Evolution of Job Applications and Job-Finding Rates since the 1980s
The number of monthly job applications has increased since the 1980s, but the job-finding rates have not.
Unemployment Insurance Eligibility and Benefits: An Analysis of Rules across U.S. States and Time
Using a unique database, this analysis finds large variations among U.S. states’ rules governing eligibility and benefits for unemployment insurance.
U.S. Retirement Normalization following the COVID-19 Pandemic
After surging when the COVID-19 pandemic began in the U.S., retirements have returned to their prepandemic trend. New research examines what caused this surge.
How Should the Government Spend the Fiscal Budget during the COVID-19 Pandemic?
A mix of expanded unemployment insurance benefits and payroll subsidies to employers may be more effective in speeding up the recovery than implementing just one of those policies.
Working Paper
Labor Market Shocks and Monetary Policy
We study the positive and normative implications for inflation of employer-to-employer (EE) worker transitions by developing a heterogeneous agent New Keynesian model featuring a frictional labor market with on-the-job search. We find that EE dynamics played an important role in shaping the differential inflation dynamics observed during the Great Recession and COVID-19 recoveries. Despite both recoveries sharing similar unemployment dynamics, the recovery from the Great Recession exhibited subdued EE transitions and inflation dynamics. In our model, the optimal monetary policy involves a ...
Report
Labor Market Policies during an Epidemic
We study the positive and normative implications of labor market policies that counteract the economic fallout from containment measures during an epidemic. We incorporate a standard epidemiological model into an equilibrium search model of the labor market to compare unemployment insurance (UI) expansions and payroll subsidies. In isolation, payroll subsidies that preserve match capital and enable a swift economic recovery are preferred over a cost-equivalent UI expansion. When considered jointly, however, a cost-equivalent optimal mix allocates 20 percent of the budget to payroll subsidies ...
Journal Article
The Allocation of Immigrant Talent Across Countries
Immigrants are not only overrepresented in lower-paying jobs but are also paid less on average than native counterparts.
Working Paper
Mismatch Unemployment During COVID-19 and the Post-Pandemic Labor Shortages
We examine the extent to which mismatch unemployment—excess unemployment from a mismatch between sectors where job seekers search for work and sectors where jobs are available—shaped labor market dynamics during the COVID-19 pandemic and the subsequent recovery. We find that the mismatch index turned negative at the onset of the pandemic for the first time since 2000, suggesting that the efficient allocation of job seekers would involve reallocating workers toward longer-tenure and more productive jobs, even at the expense of fewer hires. We show that sectoral differences in job ...