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Discussion Paper
Wage Insurance: A Potential Policy for Displaced Workers
Hyman, Benjamin; Kovak, Brian K.; Leive, Adam (2024-07-17)
Despite the existing safety net, worker displacement continues to have severe consequences that motivate the consideration of new social insurance programs. Wage insurance is a novel policy that temporarily provides additional income to workers who lose their job and become re-employed at a lower wage. In this post, we draw on evidence from our recent working paper analyzing the effects of a U.S. wage insurance program on worker earnings and employment outcomes. Among workers displaced by international trade, we find that eligibility for wage insurance increased the probability of employment ...
Liberty Street Economics , Paper 20240717

Report
Do Consumers Rely More Heavily on Credit Cards While Unemployed?
Cole, Allison (2016-12-20)
Leading up to the Great Recession, households increased their credit card debt by over 16 percent ($121 billion) during the five-year period from 2004 to 2009. The unemployment rate simultaneously began to rise in 2008, increasing from 5.0 percent in January 2008 to a high of 10.0 percent in October of 2009. During the recovery, from 2009 to 2014, credit card debt fell by more than 25 percent, as the unemployment rate returned to near prerecession levels. These coincident developments have led to speculation that consumers facing unemployment or job uncertainty may have increased their ...
Consumer Payments Research Data Reports , Paper 2016-06

Working Paper
Estimating the Trend Unemployment Rate in the Fourth Federal Reserve District
Fallick, Bruce; Tasci, Murat (2020-07-01)
We estimate trend unemployment rates for Ohio, Pennsylvania, Kentucky, and West Virginia, states that span parts of the Fourth District of the Federal Reserve System. Our estimated unemployment rate trend for the District as a whole stood at 5.7 percent in 2020:Q1 compared to a 4.7 percent observed unemployment rate within the District, implying a tight labor market by historical standards.
Working Papers , Paper 20-19

Working Paper
How Large were the Effects of Emergency and Extended Benefits on Unemployment during the Great Recession and its Aftermath?
Figura, Andrew; Ratner, David (2017-06-27)
This paper presents estimates of the effect of unemployment benefit extensions during the Great Recession on unemployment and labor force participation. Unlike many recent studies of this subject, our estimates, following the work of Hagedorn, Karahan, Manovskii, and Mitman (2016), are inclusive of the effects of benefit extensions on employer, as well as, worker behavior. To identify the effect of benefit extensions, we use plausibly exogenous changes in the rules governing benefit extensions and their differential effects on the maximum duration of benefits across states. We find that the ...
Finance and Economics Discussion Series , Paper 2017-068

Working Paper
The Shifting Reasons for Beveridge-Curve Shifts
Barlevy, Gadi; Hobijn, Bart; Faberman, R. Jason; Sahin, Aysegul (2023-10)
We discuss how the relative importance of factors that contribute to movements of the U.S. Beveridge curve has changed from 1960 to 2023. We review these factors in the context of a simple flow analogy used to capture the main insights of search and matching theories of the labor market. Changes in inflow rates, related to demographics, accounted for Beveridge curve shifts between 1960 and 2000. A reduction in matching efficiency, that depressed unemployment outflows, shifted the curve outwards in the wake of the Great Recession. In contrast, the most recent shifts in the Beveridge curve ...
Working Paper Series , Paper WP 2023-38

Working Paper
On the Importance of Household versus Firm Credit Frictions in the Great Recession
Pastorino, Elena; Lopez, Pierlauro; Midrigan, Virgiliu; Kehoe, Patrick J. (2020-09-25)
Although a credit tightening is commonly recognized as a key determinant of the Great Recession, to date, it is unclear whether a worsening of credit conditions faced by households or by firms was most responsible for the downturn. Some studies have suggested that the household-side credit channel is quantitatively the most important one. Many others contend that the firm-side channel played a crucial role. We propose a model in which both channels are present and explicitly formalized. Our analysis indicates that the household-side credit channel is quantitatively more relevant than the ...
Working Papers , Paper 20-28

Working Paper
Measuring Labor-Force Participation and the Incidence and Duration of Unemployment
Ahn, Hie Joo; Hamilton, James D. (2019-05-17)
The underlying data from which the U.S. unemployment rate, labor-force participation rate, and duration of unemployment are calculated contain numerous internal contradictions. This paper catalogs these inconsistencies and proposes a reconciliation. We find that the usual statistics understate the unemployment rate and the labor-force participation rate by about two percentage points on average and that the bias in the latter has increased since the Great Recession. The BLS estimate of the average duration of unemployment overstates by 50% the true duration of uninterrupted spells of ...
Finance and Economics Discussion Series , Paper 2019-035

Discussion Paper
Consumers Increasingly Expect Additional Government Support amid COVID-19 Pandemic
Koşar, Gizem; Smith, Kyle; Van der Klaauw, Wilbert (2020-05-26)
The New York Fed’s Center for Microeconomic Data released results today from its April 2020 SCE Public Policy Survey, which provides information on consumers' expectations regarding future changes to a wide range of fiscal and social insurance policies and the potential impact of these changes on their households. These data have been collected every four months since October 2015 as part of our Survey of Consumer Expectations (SCE). Given the ongoing COVID-19 pandemic, households face significant uncertainty about their personal situations and the general economic environment when forming ...
Liberty Street Economics , Paper 20200526b

Report
Wage Insurance for Displaced Workers
Hyman, Benjamin; Kovak, Brian K.; Leive, Adam (2024-05-01)
Wage insurance provides income support to displaced workers who find reemployment at a lower wage. We analyze wage insurance in the context of the U.S. Trade Adjustment Assistance (TAA) program by merging linked employer-employee Census data to TAA petitions and leveraging a discontinuity in eligibility based on worker age. Wage insurance eligibility increases short-run employment probabilities and leads to higher long-run cumulative earnings. We find shorter non-employment durations largely drive increased long-term earnings among workers eligible for wage insurance. Our results are ...
Staff Reports , Paper 1105

Working Paper
The Dual U.S. Labor Market Uncovered
Ahn, Hie Joo; Hobijn, Bart; Şahin, Ayşegül (2023-05-05)
Aggregate U.S. labor market dynamics are well approximated by a dual labor market supplemented with a third, predominantly, home-production segment. We uncover this structure by estimating a Hidden Markov Model, a machine-learning method. The different market segments are identified through (in-)equality constraints on labor market transition probabilities. This method yields time series of stocks and flows for the three segments for 1980-2021. Workers in the primary sector, who make up around 55 percent of the population, are almost always employed and rarely experience unemployment. The ...
Working Paper Series , Paper WP 2023-18

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