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Working Paper
The Gender Pay Gap: Micro Sources and Macro Consequences
Morchio, Iacopo; Moser, Christian (2023-09-06)
Using linked employer-employee data from Brazil, we document a large gender pay gap due to women working at lower-paying employers with better amenities. To interpret these facts, we develop an equilibrium search model with endogenous firm pay, amenities, and employment. We provide a constructive proof of identification of all model parameters. The estimated model suggests that amenities are important for men and women, that compensating differentials explain half of the gender pay gap, and that there are significant output and welfare gains from eliminating gender differences. However, ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 078

Discussion Paper
How Do Firms Respond to Hiring Difficulties?
Terry, Ellyn; de Zeeuw, Mels (2018-03-01)
Using data from the Federal Reserve Banks' 2017 Small Business Credit Survey (SBCS), this paper investigates the various ways in which different types of firms with less than 500 employees experience and address hiring difficulties, including when they decide to increase compensation.The authors find significant variation in hiring difficulties by type of firm, and a firm's response appears to depend on the nature of the problem. The most common response is to increase compensation, with firms that experience competition from other employers being the most likely to do so. Other common ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2018-01

Report
The Pay and Non-Pay Content of Job Ads
Audoly, Richard; Bhuller, Manudeep; Reiremo, Tore Adam (2024-09-01)
How informative are job ads about the actual pay and amenities offered by employers? Using a comprehensive database of job ads posted by Norwegian employers, we develop a methodology to systematically classify the information on both pay and non-pay job attributes advertised in vacancy texts. We link this information to measures of employer attractiveness, which we derive from a job search model estimated on observed wages and worker mobility flows. About 55 percent of job ads provide information related to pay and nearly all ads feature information on non-pay attributes. We show that ...
Staff Reports , Paper 1124

Working Paper
Decomposing the Government Transfer Multiplier
Zhou, Yijiang; Dupor, Bill; Conley, Timothy G.; Li, Rong (2023-11-17)
We estimate the local, spillover and aggregate causal effects of government transfers on personal income. We identify exogenous changes in federal transfers to residents at the state-level using legislated social security cost-of-living adjustments between 1952 and 1974. Each effect is measured as a multiplier: the change in personal income in response to a one unit change in transfers. The local multiplier, i.e., the effect of own-state transfers on own-state income holding fixed other state's income, at a four-quarter horizon is approximately 3.4. The cross-state spillover multiplier is ...
Working Papers , Paper 2023-017

Working Paper
Local Labor Market Tightness and Job Quality: Evidence from Job Changers
Zabek, Mike; Hershbein, Brad; Webber, Douglas A.; Lim, Katherine (2026-06-22)
Using novel data from the Survey of Household Economics and Decisionmaking, we examine how labor market tightness affects workers’ job quality. We estimate that a 10 percent increase in job vacancies not only increases the probability of changing jobs, it yields an 11–18 percent increase in the (unconditional) probability of switching to a better job overall, and one with greater pay and benefits, interest in the work, and advancement opportunities. Because tight labor markets improve both worker pay and job amenities in roughly the same proportion, their benefits to workers are ...
Finance and Economics Discussion Series , Paper 2026-043

Newsletter
UK Pension Market Stress in 2022 - Why It Happened and Implications for the U.S.
Palacios, Santiago I. Sordo; Patel, Ketan B. (2023-06)
A steep increase in British sovereign yields and swap rates and an equally steep drop in the value of the British pound (GBP) in September 2022 put substantial liquidity pressures on United Kingdom pension funds. This repricing in risk assets was triggered by the UK chancellor’s mini-budget announcement on September 23, 2022, which led to reactions from market participants. The structure and investment strategies of pension funds made them particularly ill-prepared to deal with market turmoil.
Chicago Fed Letter , Volume no 480

Working Paper
Bad Times, Bad Jobs? How Recessions Affect Early Career Trajectories
Stüber, Heiko; Mahajan, Parag; Patki, Dhiren (2022-10-01)
Workers who enter the labor market during recessions experience lasting earnings losses, but the role of non-pay amenities in either exacerbating or counteracting these losses remains unknown. Using population-scale data from Germany, we find that labor market entry during recessions generates a 6 percent reduction in earnings cumulated over the first 15 years of experience. Implementing a revealed-preference estimator of employer quality that aggregates information from the universe of worker moves across employers, we find that one-quarter of recession-induced earnings losses are ...
Working Papers , Paper 22-12

Working Paper
Who is a Passive Saver Under Opt-In and Auto-Enrollment?
Levy, Matthew R.; Flaherty Manchester, Colleen; Goda, Gopi Shah; Sojourner, Aaron; Tasoff, Joshua (2019-09-26)
Defaults have been shown to have a powerful effect on retirement saving behavior yet there is limited research on who is most affected by defaults and whether this varies based on features of the choice environment. Using administrative data on employer-sponsored retirement accounts linked to survey data, we estimate the relationship between retirement saving choices and individual characteristics ? long-term discounting, present bias, financial literacy, and exponential-growth bias ? under two distinct choice environments: an opt-in regime and an auto-enrollment regime. Consistent with our ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 26

Working Paper
Equilibrium Labor Market Search and Health Insurance Reform
Fang, Hanming; Aizawa, Naoki (2015-07-02)
We present and empirically implement an equilibrium labor market search model where risk averse workers facing medical expenditure shocks are matched with firms making health insurance coverage decisions. Our model delivers a rich set of predictions that can account for a wide variety of phenomenon observed in the data including the correlations among firm sizes, wages, health insurance offering rates, turnover rates and workers? health compositions. We estimate our model by Generalized Method of Moments using a combination of micro datasets including Survey of Income and Program ...
Working Papers , Paper 727

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