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Jel Classification:R11 

Journal Article
Why Are Some Places So Much More Unequal Than Others?

This study examines the magnitude and sources of regional wage inequality in the United States. The authors find that, as in the nation as a whole, wage inequality has increased in nearly every metropolitan area since the early 1980s, though there is significant variation among places in both the degree of wage inequality and the pace at which it has risen. The most unequal places tend to be large urban areas that have benefited from strong demand for skill and agglomeration economies, with these factors leading to particularly rapid wage growth for high-skilled workers. The least unequal ...
Economic Policy Review , Volume 25 , Issue Dec

Working Paper
FRED-SD: A Real-Time Database for State-Level Data with Forecasting Applications

We construct a real-time dataset (FRED-SD) with vintage data for the U.S. states that can be used to forecast both state-level and national-level variables. Our dataset includes approximately 28 variables per state, including labor market, production, and housing variables. We conduct two sets of real-time forecasting exercises. The first forecasts state-level labor-market variables using five different models and different levels of industrially-disaggregated data. The second forecasts a national-level variable exploiting the cross-section of state data. The state-forecasting experiments ...
Working Papers , Paper 2020-031

Report
Human capital and economic activity in urban America

We examine the relationship between human capital and economic activity in U.S. metropolitan areas, extending the literature in two ways. First, we utilize new data on metropolitan area GDP to measure economic activity. Results show that a one-percentage-point increase in the proportion of residents with a college degree is associated with about a 2 percent increase in metropolitan area GDP per capita. Second, we develop measures of human capital that reflect the types of knowledge within U.S. metropolitan areas. Regional knowledge stocks related to the provision of producer services and ...
Staff Reports , Paper 332

Working Paper
Can Wealth Explain Neighborhood Sorting by Race and Income?

Why do high-income blacks live in neighborhoods with characteristics similar to those of low-income whites? One plausible explanation is wealth, since homeownership requires some wealth, and black households hold less wealth than white households at all levels of income. We present evidence against this hypothesis by showing that wealth does not predict sorting into neighborhood quality once race and income are taken into account. An alternative explanation is that the scarcity of high-quality black neighborhoods increases the cost of living in a high-quality neighborhood for black households ...
Working Papers (Old Series) , Paper 1808

Working Paper
High-growth firms in Georgia

This paper reports the results of a study of the characteristics and direct employment impact of high-growth firms operating in Georgia. The longitudinal data used in this study are from the National Establishment Time-Series (NETS) database. Using a standard definition of high employment growth to classify firms, we track the direct employment contribution of high-growth firms in the state from 1989 to 2009. We find that only a small fraction of firms satisfied the high-growth employment criteria in any year, but these rapidly growing firms made a disproportionately large contribution to ...
FRB Atlanta Working Paper , Paper 2013-20

Working Paper
The Pitfalls of Using Location Quotients to Identify Clusters and Represent Industry Specialization in Small Regions

This paper examines the use of location quotients, a measure of regional business activity relative to the national benchmark, as an indicator of sectoral agglomeration in small cities and towns, and as a measure of industry specialization that might impact the number of new business startups in these places. Using establishment-level data on businesses located in Maine, our findings suggest that the addition of one "hypothetical" establishment in very small towns leads to a dramatic change in the magnitude of the region-industry location quotient. At population sizes of about 4,100 or more ...
International Finance Discussion Papers , Paper 1329

Report
Workforce skills across the urban-rural hierarchy

This paper examines differences in the skill content of work throughout the United States, ranging from densely populated city centers to isolated and sparsely populated rural areas. To do so, we classify detailed geographic areas into categories along the entire urban-rural hierarchy. An occupation-based cluster analysis is then used to measure the types of skills available in the regional workforce, which allows for a broader measure of human capital than is captured by conventional measures. We find that the occupation clusters most prevalent in urban areas?scientists, engineers, and ...
Staff Reports , Paper 552

Working Paper
Asset Ownership, Windfalls, and Income: Evidence from Oil and Gas Royalties

How does local versus absentee ownership of natural resources?and their associated income?shape the relationship between extraction and local income? Theory and empirics on natural resources and the broader economy have focused heavily on labor markets, largely ignoring the economic implications of payments to resource owners. We study how local ownership of oil and gas rights shapes the local income effects of extraction. For the average U.S. county that experienced an increase in oil and gas production from 2000 to 2013, increased royalty income and its associated economic stimulus ...
Research Working Paper , Paper RWP 16-12

Working Paper
What do we know about regional banks? An exploratory analysis

This study tries to get a sense of the topography of the regional banking landscape. We focus on bank holding companies and banks with $10 billion to $50 billion in assets and look for factors that potentially explain regional bank health from 2008 to 2013. Our dataset is a combination of bank Call Report data and confidential supervisory data. Our analysis shows that regional banks are not a monolithic group, and different factors explain bank safety and soundness for different types of banks.
Working Papers (Old Series) , Paper 1316

Working Paper
Early-Stage Business Formation : An Analysis of Applications for Employer Identification Numbers

This paper reports on the development and analysis of a newly constructed dataset on the early stages of business formation. The data are based on applications for Employer Identification Numbers (EINs) submitted in the United States, known as IRS Form SS-4 filings. The goal of the research is to develop high-frequency indicators of business formation at the national, state, and local levels. The analysis indicates that EIN applications provide forward-looking and very timely information on business formation. The signal of business formation provided by counts of applications is improved by ...
Finance and Economics Discussion Series , Paper 2018-015

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