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Jel Classification:J01 

Working Paper
Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations

The house price in Hong Kong is well-known to be "unaffordable." This paper argues that the commonly used house price-to-income ratio may be misleading in an economy with almost half of the population living in either public rental housing or subsidized ownership. Moreover, we re-focus on the relationships between economic fundamentals and the housing market of Hong Kong. While the aggregate GDP, population and longevity continue to grow, the real wage and household income fall behind. The trend component of the real GDP growth suffers a permanent downward shift after the first quarter of ...
Globalization Institute Working Papers , Paper 380

Discussion Paper
How Do Firms Respond to Hiring Difficulties? Evidence from the Federal Reserve Banks' Small Business Credit Survey

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. {{p}} 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 2018-1

Journal Article
Racial Gaps, Occupational Matching, and Skill Uncertainty

White workers in the United States earn almost 30 percent more per hour on average than Black workers, and this wage gap is associated with large racial differences in occupational assignments. In this article, we theoretically and empirically examine the Black-White disparity in occupations. First, we present a model based on Antonovics and Golan (2012) that relates occupational assignments to the incentives workers face while learning about their own unknown ability. Second, we document differences between Black and White workers in both the complexity of skills required in their initial ...
Review , Volume 101 , Issue 2 , Pages 135-153

Wealth, tastes, and entrepreneurial choice

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

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
Introduction to Heterogeneity Series II: Labor Market Outcomes

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

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

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

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
How Widespread Is the Impact of the COVID-19 Outbreak on Consumer Expectations?

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


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