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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
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
Managerial Compensation under Privately-Observed Hedging
Sun, Bo; Liu, Qi (2016-03)
This paper studies how private information in hedging outcomes affects the design of managerial compensation when hedging instruments serve as a double-edged sword in that they may be used for both corporate hedging and earnings management. On the one hand, financial vehicles can offer customized contracts that are closely tailored to manage specific risk and improve hedging efficiency. On the other hand, involvement in hedging may give rise to manipulation through misstatement of the value estimates. We show that the use of privately-observed hedging may actually require greater ...
International Finance Discussion Papers , Paper 1160

Working Paper
Efficient Mismatch
Arseneau, David M.; Epstein, Brendan (2018-06-01)
This paper presents a model in which mismatch employment arises in a constrained efficient equilibrium. In the decentralized economy, however, mismatch gives rise to a congestion externality whereby heterogeneous job seekers fail to internalize how their individual actions affect the labor market outcomes of competitors in a common unemployment pool. We provide an analytic characterization of this distortion, assess the distributional nature of the associated welfare effects, and relate it to the relative productivity of low- and high-skilled workers competing for similar jobs.
Finance and Economics Discussion Series , Paper 2018-037

Working Paper
Early Life Environment and Racial Inequality in Education and Earnings in the United States
Chay, Kenneth Y.; Guryan, Jonathan; Mazumder, Bhashkar (2014-11-13)
Working Paper Series , Paper WP-2014-28

Working Paper
The Value and Risk of Human Capital
Chyruk, Olena; Benzoni, Luca (2015-07-20)
Human capital embodies the knowledge, skills, health and values that contribute to making people productive. These qualities, however, are hard to measure, and quantitative studies of human capital are typically based on the valuation of the lifetime income that a person generates in the labor market. This article surveys the theoretical and empirical literature that models a worker?s life-cycle earnings and identifies appropriate discount rates to translate those cash flows into a certainty equivalent of wealth. This paper begins with an overview of a stylized model of human capital ...
Working Paper Series , Paper WP-2015-6

Journal Article
Nominal Wage Rigidities and the Future Path of Wage Growth
Mustre-del-Rio, Jose; Pollard, Emily (2018-05)
Wage growth has been modest since the end of the Great Recession, puzzling many market observers and policymakers. Article examines the relationship between wage growth and nominal wage rigidities?the share of workers whose wages have not changed?and find the current pace of wage growth is not historically unusual. The results suggest wage growth may continue on its gradual path as long as the incidence of wage rigidities remains elevated.
Macro Bulletin

Discussion Paper
How Do Firms Respond to Hiring Difficulties? Evidence from the Federal Reserve Banks' Small Business Credit Survey
De Zeeuw, Mels; Terry, Ellie (2018-08-21)
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

Working Paper
Impact of first-birth career interruption on earnings: evidence from administrative data
Hotchkiss, Julie L.; Pitts, M. Melinda; Walker, Mary Beth (2014-11-01)
This paper uses unique administrative data to expand the understanding of the role women's intermittency decisions play in the determination of their wages. We demonstrate that treating intermittency as exogenous significantly overstates its impact. The intermittency penalty also increases in the education level of the woman. The penalty for a woman with a high school degree with an average amount of intermittency during six years after giving birth to her first child is roughly half the penalty for a college graduate. We also demonstrate the value of using an index to capture multiple ...
FRB Atlanta Working Paper , Paper 2014-23

Working Paper
Why Do Earnings Fall with Job Displacement?
Carrington, William J.; Fallick, Bruce C. (2014-06-02)
The earnings of workers are reduced for many years after being displaced from their jobs, and those workers and their families face increased risk of other problems as well. The ills suffered by displaced workers motivated several recent expansions of government programs, including the unemployment insurance system, and have spurred calls for wage insurance that would provide longerrun earnings replacement. However, while the magnitude of the losses is relatively clear, the theory of why displacement matters is scattered and somewhat undeveloped. Much of the policy discussion appears to ...
Working Papers (Old Series) , Paper 1405

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