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Jel Classification:J01 

Discussion Paper
How Does Credit Access Affect Job-Search Outcomes and Sorting?

How does access to consumer credit affect the job finding behavior of displaced workers? Are these workers looking for jobs at larger and more productive firms? What is the impact of consumer credit on the amount of time it takes to find a job? In recent work with Ethan Cohen-Cole we explore these questions by building a new data set of individual credit reports (from TransUnion) merged with administrative earnings data. We describe our approach and our results in this post.
Liberty Street Economics , Paper 20200304d

Discussion Paper
Women Have Been Hit Hard by the Loss of Routine Jobs, Too

Technological change and globalization have caused a massive transformation in the U.S. economy. While creating new opportunities for many workers, these forces have eliminated millions of good-paying jobs, particularly routine jobs in the manufacturing sector. Indeed, a great deal of attention has focused on the consequences of the loss of blue-collar production jobs for prime‑age men. What is often overlooked, however, is that women have also been hit hard by the loss of routine jobs, particularly administrative support jobs—a type of routine work that has historically been largely ...
Liberty Street Economics , Paper 20200304a

Journal Article
How Many Workers Are Truly “Missing” from the Labor Force?

As of March 2022, the U.S. labor force participation rate remained one percentage point below its pre-pandemic level. After accounting for the effects of slower population growth and the aging of thepopulation in the past two years, I estimate that around 2 million workers are missing from the laborforce. Individuals age 65 and older, whose participation rates remain persistently below pre-pandemiclevels, constitute most of the missing labor force.
Economic Bulletin , Issue May 6, 2022 , Pages 4

Report
Is Occupational Licensing a Barrier to Interstate Migration?

Occupational licensure, one of the most significant labor market regulations in the United States, may restrict the interstate movement of workers. We analyze the interstate migration of 22 licensed occupations. Using an empirical strategy that controls for unobservable characteristics that drive long-distance moves, we find that the between-state migration rate for individuals in occupations with state-specific licensing exam requirements is 36 percent lower relative to members of other occupations. Members of licensed occupations with national licensing exams show no evidence of limited ...
Staff Report , Paper 561

Discussion Paper
Which Workers Bear the Burden of Social Distancing Policies?

In the wake of the coronavirus outbreak, nearly all U.S. states imposed social distancing policies to combat the spread of illness. To the extent that work can be done from home, some workers moved their offices to their abodes. Others, however, are unable to continue working as their usual tasks require a specific location or environment, or involve close proximity to others. Which types of jobs cannot be done from home and which types of jobs require close personal proximity to others? What share of overall U.S. employment falls in these categories? And, given that these jobs will be the ...
Liberty Street Economics , Paper 20200529b

Discussion Paper
Searching for Higher Job Satisfaction

Job-to-job transitions—those job moves that occur without an intervening spell of unemployment—have been discussed in the literature as a driver of wage growth. Economists typically describe the labor market as a “job ladder” that workers climb by moving to jobs with higher pay, stronger wage growth, and better benefits. It is important, however, that these transitions not be interspersed with periods of unemployment, both because such downtime could lead to a loss in accumulated human capital and because “on-the-job search” is more effective than searching while unemployed. Yet ...
Liberty Street Economics , Paper 20200304c

Working Paper
Should Children Do More Enrichment Activities? Leveraging Bunching to Correct for Endogeneity

We study the effects of enrichment activities such as reading, homework, and extracurricular lessons on children's cognitive and non-cognitive skills. We take into consideration that children forgo alternative activities, such as play and socializing, in order to spend time on enrichment. Our study controls for selection on unobservables using a novel approach which leverages the fact that many children spend zero hours per week on enrichment activities. At zero enrichment, confounders vary but enrichment does not, which gives us direct information about the effect of confounders on skills. ...
Finance and Economics Discussion Series , Paper 2020-036

Discussion Paper
Black and White Differences in the Labor Market Recovery from COVID-19

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

Journal Article
Women Are Driving the Recent Recovery in Prime-Age Labor Force Participation

The labor force participation rate of prime-age individuals (age 25 to 54) in the United States declined dramatically during and after the Great Recession. While the rate remains below its pre-recession level, it has been increasing steadily since 2015. We examine how different demographic groups have contributed to this rebound and find that college-educated women have made the largest contribution to the recent recovery in the prime-age labor force participation rate.
Economic Bulletin , Issue Dec 18, 2019 , Pages 4

Discussion Paper
How Have Households Used Their Stimulus Payments and How Would They Spend the Next?

In this post, we examine how households used economic impact payments, a large component of the CARES Act signed into law on March 27 that directed stimulus payments to many Americans to help offset the economic fallout from the coronavirus pandemic. An important question in evaluating how much this part of the CARES Act stimulated the economy concerns what share of these payments households used for consumption—what economists call the marginal propensity to consume (MPC). There also is interest in learning the extent to which the payments contributed to the sharp increase in the U.S. ...
Liberty Street Economics , Paper 20201013b

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