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Journal Article
Strength of economy, limited benefit eligibility in Texas curb long-term unemployment rate
Kumar, Anil (2014-04)
An unemployment rate with a persistent long-term component can be more detrimental to the economy than the same jobless rate with a smaller share of long-term unemployed.
Southwest Economy , Issue Q2 , Pages 3-20

Working Paper
Does Intergenerational Mobility Increase Corporate Profits?
Albertus, James F.; Smolyansky, Michael (2019-11-20)
We find that firms located in areas with higher intergenerational mobility are more profitable. Building off the work of Chetty and Hendren (2018a and 2018b)?who provide measures of intergenerational mobility for all commuting zones (essentially, metropolitan areas) within the U.S.?we are the first to show the positive association between intergenerational mobility and corporate profitability. Our regressions compare firms in the same industry at the same point in time and fully control for time-varying state-level shocks. As such, our findings cannot be explained by either differences in ...
Finance and Economics Discussion Series , Paper 2019-081

Working Paper
The Income-Achievement Gap and Adult Outcome Inequality
Nielsen, Eric (2015-05-14)
This paper discusses various methods for assessing group differences in academic achievement using only the ordinal content of achievement test scores. Researchers and policymakers frequently draw conclusions about achievement differences between various populations using methods that rely on the cardinal comparability of test scores. This paper shows that such methods can lead to erroneous conclusions in an important application: measuring changes over time in the achievement gap between youth from high- and low-income households. Commonly-employed, cardinal methods suggest that this ...
Finance and Economics Discussion Series , Paper 2015-41

Working Paper
Stock Market Investment: The Role of Human Capital
Athreya, Kartik B.; Ionescu, Felicia; Neelakantan, Urvi (2015-06-14)
Participation in the stock market is limited, especially early in life. By contrast, human capital investment is widespread, especially early in life. Returns to equity are constant across households, while returns to human capital vary. The contribution of this paper is to demonstrate that once human capital investment is allowed for and, critically, disciplined to match observed dispersion in earnings, an entirely standard model of portfolio choice delivers stock market participation rates consistent with the data over the entire life cycle. Moreover, we show that endogenizing human capital ...
Finance and Economics Discussion Series , Paper 2015-65

Working Paper
A Day Late and a Dollar Short : Liquidity and Household Formation among Student Borrowers
Goodman, Sarena; Isen, Adam; Yannelis, Constantine (2018-04-13)
The federal government encourages human capital investment through lending and grant programs, but resources from these programs may also finance non-education activities for students whose liquidity is otherwise restricted. This paper explores this possibility, using administrative data for the universe of federal student loan borrowers linked to tax records. We examine the effects of a sharp discontinuity in program limits?generated by the timing of a student borrower?s 24th birthday?on household formation early in the lifecycle. After demonstrating that this discontinuity induces a jump in ...
Finance and Economics Discussion Series , Paper 2018-025

Working Paper
Capital-Task Complementarity and the Decline of the U.S. Labor Share of Income
Orak, Musa (2017-03)
This paper provides evidence that shifts in the occupational composition of the U.S. workforce are the most important factor explaining the trend decline in the labor share over the past four decades. Estimates suggest that while there is unitary elasticity between equipment capital and non-routine tasks, equipment capital and routine tasks are highly substitutable. Through the lenses of a general equilibrium model with occupational choice and the estimated production technology, I document that the fall in relative price of equipment capital alone can explain 72 percent of the observed ...
International Finance Discussion Papers , Paper 1200

Working Paper
The Self-Employment Option in Rigid Labor Markets: An Empirical Investigation
Garcia-Cabo, Joaquin; Madera, Rocio (2019-11-14)
This paper studies selection into and returns to self-employment in labor markets with stringent employment protection. Using Spanish administrative panel data, we characterize self-employment dynamics in the presence of rigidities that affect workers? outside options. We document the negative selection into self-employment when workers enter from unemployment, and the pro-cyclicality of the decision. We identify career heterogeneity in the data and estimate a rich life-cycle income process. The self-employed face shocks with smaller variances but lower returns compared to fixed-term ...
International Finance Discussion Papers , Paper 1264

Working Paper
Complex-Task Biased Technological Change and the Labor Market
Caines, Colin; Hoffmann, Florian; Kambourov, Gueorgui (2017-02)
In this paper we study the relationship between task complexity and the occupational wage- and employment structure. Complex tasks are defined as those requiring higher-order skills, such as the ability to abstract, solve problems, make decisions, or communicate effectively. We measure the task complexity of an occupation by performing Principal Component Analysis on a broad set of occupational descriptors in the Occupational Information Network (O*NET) data.We establish four main empirical facts for the U.S. over the 1980-2005 time period that are robust to the inclusion of a detailed set of ...
International Finance Discussion Papers , Paper 1192

Working Paper
Un-Fortunate Sons: Effects of the Vietnam Draft Lottery on the Next Generation's Labor Market
Isen, Adam; Goodman, Sarena (2015-12-30)
Can shocks to one generation propagate to the next? To answer this question, we study how the Vietnam draft lottery affected the next generation's labor market. Using the universe of federal tax returns, we link fathers from draft cohorts to their sons' outcomes and find that sons of fathers randomly called by the draft 1) have lower earnings and labor force participation than their peers, and 2) are more likely to volunteer for military service. These findings highlight the strong role family plays in human capital development and occupational choice. More generally, our results provide ...
Finance and Economics Discussion Series , Paper 2015-119

Working Paper
Search, Matching and Training
Flinn, Christopher J.; Gemici, Ahu; Laufer, Steven (2016-07-13)
We estimate a partial and general equilibrium search model in which firms and workers choose how much time to invest in both general and match-specific human capital. To help identify the model parameters, we use NLSY data on worker training and we match moments that relate the incidence and timing of observed training episodes to outcomes such as wage growth and job-to-job transitions. We use our model to offer a novel interpretation of standard Mincer wage regressions in terms of search frictions and returns to training. Finally, we show how a minimum wage can reduce training opportunities ...
Finance and Economics Discussion Series , Paper 2016-075

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