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Report
Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America
Ohanian, Lee E.; Restrepo-Echavarria, Paulina; Wright, Mark L. J. (2018-05-14)
After World War II, international capital flowed into slow-growing Latin America rather than fast-growing Asia. This is surprising as, everything else equal, fast growth should imply high capital returns. This paper develops a capital flow accounting framework to quantify the role of different factor market distortions in producing these patterns. Surprisingly, we find that distortions in labor markets ? rather than domestic or international capital markets ? account for the bulk of these flows. Labor market distortions that indirectly depress investment incentives by lowering equilibrium ...
Staff Report , Paper 563

Journal Article
Are recent college graduates finding good jobs?
Abel, Jaison R.; Deitz, Richard; Su, Yaquin (2014)
According to numerous accounts, the Great Recession has left many recent college graduates struggling to find jobs that utilize their education. However, a look at the data on the employment outcomes for recent graduates over the past two decades suggests that such difficulties are not a new phenomenon: individuals just beginning their careers often need time to transition into the labor market. Still, the percentage who are unemployed or ?underemployed??working in a job that typically does not require a bachelor?s degree?has risen, particularly since the 2001 recession. Moreover, the quality ...
Current Issues in Economics and Finance , Volume 20

Report
The Rhode Island labor market in recovery: where is the skills gap?
Burke, Mary A. (2015-12-01)
There has been much anecdotal evidence claiming that Rhode Island's labor force is unable to supply the skills that the state's employers seek. The anecdotal evidence has given rise to the concern that labor market mismatch is holding back the state's economic recovery. Such a concern comes with particularly high stakes in the case of Rhode Island, which suffered the most severe drop in employment in New England during the Great Recession and has endured the region's highest unemployment rate during the recovery. This paper conducts a data-driven analysis of several indicators of potential ...
Current Policy Perspectives , Paper 15-7

Journal Article
Women Take a Bigger Hit in the First Wave of Job Losses due to COVID-19
Tuzemen, Didem; Tran, Thao (2020-04-16)
The temporary shutdown orders and social distancing measures taken to fight the COVID-19 outbreak have caused substantial job losses in the United States. Women, especially those without a college degree, have taken a bigger hit in the first wave of job losses. This imbalance could lead to prolonged damage to women’s employment and labor market attachment if job losses deepen and persist in the coming months.
Economic Bulletin , Issue April 16, 2020 , Pages 5

Discussion Paper
Financing workforce development in a devolutionary era
Andreason, Stuart (2016-05-03)
Workforce development financing has changed significantly over the last 25 years. In 2008, federal funding for the traditional workforce development system was 83 percent lower in real terms than it had been in 1980. As the federal system plays a smaller role in workforce development financing, the job training landscape better represents a "marketplace" where students and job seekers use federal training vouchers and grant and student loan money from various sources, primarily the Higher Education Act's Pell Grant and Federal Student Loan programs. Additionally, increasing volatility in ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-2

Journal Article
Monetary Policy Shocks and Aggregate Supply
Van Zandweghe, Willem (2015-07)
Willem Van Zandweghe examines whether monetary policy has had long-lasting effects on labor productivity and potential output.
Economic Review , Issue Q III , Pages 31-56

Working Paper
Can Reputation Discipline the Gig Economy? Experimental Evidence from an Online Labor Market
Sojourner, Aaron; Benson, Alan; Umyarov, Akhmed (2018-12-28)
Just as employers face uncertainty when hiring workers, workers also face uncertainty when accepting employment, and bad employers may opportunistically depart from expectations, norms, and laws. However, prior research in economics and information sciences has focused sharply on the employer?s problem of identifying good workers rather than vice versa. This issue is especially pronounced in markets for gig work, including online labor markets, where platforms are developing strategies to help workers identify good employers. We build a theoretical model for the value of such reputation ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 16

Working Paper
Shocks and Adjustments
Nechio, Fernanda; Fernald, John G.; Daly, Mary C.; Jordà, Òscar (2013)
We develop a multisector model in which capital and labor are free to move across firms within each sector, but cannot move across sectors. To isolate the role of sectoral specificity, we compare our model with otherwise identical multisector economies with either economy-wide factor markets (as in Chari et al. 2000) or firm-specific factor markets (as in Woodford 2005). Sectoral specificity induces within-sector strategic substitutability and across-sector strategic complementarity in price setting. Our model can produce either more or less monetary non-neutrality than those other two ...
Working Paper Series , Paper 2013-32

Working Paper
Measuring Sectoral Supply and Demand Shocks during COVID-19
Duarte, Joao B.; Faria-e-Castro, Miguel; Brinca, Pedro (2020-05)
We measure labor demand and supply shocks at the sector level around the COVID-19 outbreak, by estimating a Bayesian structural vector autoregression on monthly statistics of hours worked and real wages and applying the methodology proposed by Baumeister and Hamilton (2015). Our estimates suggest that two-thirds of the 16.24 percentage point drop in the growth rate of hours worked in April 2020 are attributable to supply. Most sectors were subject to historically large negative labor supply and demand shocks in March and April 2020, but there is substantial heterogeneity in the size of these ...
Working Papers , Paper 2020-011

Working Paper
Firm Entry and Employment Dynamics in the Great Recession
Siemer, Michael (2014-07-30)
The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points. The effect of financial constraints is robust to controlling for aggregate demand and is particularly strong in small young firms. I show in a heterogeneous firms model with endogenous firm entry and financial constraints that a large financial shock results in a long-lasting recession caused by a ...
Finance and Economics Discussion Series , Paper 2014-56

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