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Discussion Paper
How Have Racial and Ethnic Earnings Gaps Changed after COVID-19?
Chatterji-Len, Kasey; García, Daniel I.; Pinkovskiy, Maxim L.; Chakrabarti, Rajashri (2022-10-20)
Racial and ethnic earnings disparities have been salient features of the U.S. economy for decades. Between the pandemic-driven recession in 2020 and the rising inflation since 2021, workers’ real and nominal earnings have seen rapid change. To get a sense of how recent economic conditions have affected earnings disparities, we examine real and nominal weekly earnings trends for Asian, Black, Hispanic, and white workers. We find that average real weekly earnings have been declining in the past year, but less so for Black and Hispanic workers than for white and Asian workers. Black and ...
Liberty Street Economics , Paper 20221020a

Discussion Paper
Black and White Differences in the Labor Market Recovery from COVID-19
Dam, David; Gaur, Meghana; Karahan, Fatih; Pilossoph, Laura; Schirmer, Will (2021-02-09)
The ongoing COVID-19 pandemic and the various measures put in place to contain it caused a rapid deterioration in labor market conditions for many workers and plunged the nation into recession. The unemployment rate increased dramatically during the COVID recession, rising from 3.5 percent in February to 14.8 percent in April, accompanied by an almost three percentage point decline in labor force participation. While the subsequent labor market recovery in the aggregate has exceeded even some of the most optimistic scenarios put forth soon after this dramatic rise, the recovery has been ...
Liberty Street Economics , Paper 20210209c

Report
Wealth, tastes, and entrepreneurial choice
Pugsley, Benjamin; Hurst, Erik (2015-10-01)
The nonpecuniary benefits of managing a small business are a first order consideration for many nascent entrepreneurs, yet the preference for business ownership is mostly ignored in models of entrepreneurship and occupational choice. In this paper, we study a population with varying entrepreneurial tastes and wealth in a simple general equilibrium model of occupational choice. This choice yields several important results: (1) entrepreneurship can be thought of as a normal good, generating wealth effects independent of any financing constraints; (2) nonpecuniary entrepreneurs select into ...
Staff Reports , Paper 747

Conference Paper
Re-Evaluating Labor Market Dynamics : Economic Policy Symposium, Jackson Hole, Wyoming, August 21-23, 2014
Kansas City, Federal Reserve Bank (2014)
Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Crowdedness, Centralized Employment, and Multifamily Home Construction
Rappaport, Jordan (2017-01)
Economic Review , Issue Q I , Pages 41-83

Discussion Paper
How Widespread Is the Impact of the COVID-19 Outbreak on Consumer Expectations?
Armantier, Olivier; Koşar, Gizem; Pomerantz, Rachel; Skandalis, Daphne; Smith, Kyle; Topa, Giorgio; Van der Klaauw, Wilbert (2020-04-16)
In a recent blog post, we showed that consumer expectations worsened sharply through March, as the COVID-19 epidemic spread and affected a growing part of the U.S. population. In this post, we document how much of this deterioration can be directly attributed to the coronavirus outbreak. We then explore how the effect of the outbreak has varied over time and across demographic groups.
Liberty Street Economics , Paper 20200416b

Discussion Paper
Wage Insurance: A Potential Policy for Displaced Workers
Hyman, Benjamin; Kovak, Brian K.; Leive, Adam (2024-07-17)
Despite the existing safety net, worker displacement continues to have severe consequences that motivate the consideration of new social insurance programs. Wage insurance is a novel policy that temporarily provides additional income to workers who lose their job and become re-employed at a lower wage. In this post, we draw on evidence from our recent working paper analyzing the effects of a U.S. wage insurance program on worker earnings and employment outcomes. Among workers displaced by international trade, we find that eligibility for wage insurance increased the probability of employment ...
Liberty Street Economics , Paper 20240717

Report
Measuring the US Employment Situation Using Online Panels: The Yale Labor Survey
Foote, Christopher L.; Hounshell, Tyler; Nordhaus, William D.; Rivers, Douglas; Torola, Pamela (2021-12-01)
This report presents the results of a rapid, low-cost survey that collects labor market data for individuals in the United States. The Yale Labor Survey (YLS) used an online panel from YouGov to replicate statistics from the Current Population Survey (CPS), the government’s source of household labor market statistics. The YLS’s advantages include its timeliness, low cost, and ability to develop new questions quickly to study labor market patterns during the coronavirus (COVID-19) pandemic. Although YLS estimates of unemployment and participation rates mirrored the broad trends in CPS ...
Current Policy Perspectives

Report
Occupational Licensing and Labor Market Fluidity
Xu, Ming; Kleiner, Morris M. (2020-07-15)
We show that occupational licensing has significant negative effects on labor market fluidity defined as cross-occupation mobility. Using a balanced panel of workers constructed from the CPS and SIPP data, we analyze the link between occupational licensing and labor market outcomes. We find that workers with a government-issued occupational license experience churn rates significantly lower than those of non-licensed workers. Specifically, licensed workers are 24% less likely to switch occupations and 3% less likely to become unemployed in the following year. Moreover, occupational licensing ...
Staff Report , Paper 606

Discussion Paper
Introduction to Heterogeneity Series II: Labor Market Outcomes
Chakrabarti, Rajashri (2020-03-03)
While average outcomes serve as important yardsticks for how the economy is doing, understanding heterogeneity—how outcomes vary across a population—is key to understanding both the whole picture and the implications of any given policy. Following our six-part look at heterogeneity in October 2019, we now turn our focus to heterogeneity in the labor market—the subject of four posts set for release tomorrow morning. Average labor market statistics mask a lot of underlying variability—disparities that factor into labor market dynamics. While we have written about labor market ...
Liberty Street Economics , Paper 20200303

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