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Working Paper
Creating jobs via the 2009 recovery act: state medicaid grants compared to broadly-directed spending
Researchers have used cross-state differences to assess the jobs impact of the 2009 American Recovery and Reinvestment Act (the Recovery Act). Existing studies find that the Act's broadly- directed spending (i.e. excluding tax cuts) increased employment, at a cost-per-job of roughly three to five times that of typical employment compensation in the U.S. Other research finds that a particular component of the Act -emergency Medicaid grants to states -created jobs at a cost of 12% to 20% that of broadly-directed spending. This paper shows that these dif- ferences across the components' impacts ...
Journal Article
Wanted: Entrepreneurs (just don't ask for a job description)
If entrepreneurship is so important, why don't we know more about it?
Speech
Texas: what makes us exceptional? Where are we vulnerable?
Remarks before the Texas Economic Development Council Annual Conference, Dallas, Texas, October 6, 2011 ; "We must not lose track of this simple, unalterable, indisputable, critical fact: We have done well so far; our economy is mighty. But to stay ahead of the curve and compete in tomorrow?s global marketplace, Texas must better educate its population."
Speech
Connecting the dots: Texas employment growth; a dissenting vote; and the ugly truth (with reference to P.G. Wodehouse)
Remarks at the Midland Community Forum, Midland, Texas, August 17, 2011 ; "I have spoken to this many times in public. Those with the capacity to hire American workers... are immobilized. Not because they lack entrepreneurial zeal or do not wish to grow; not because they can?t access cheap and available credit. Rather, they simply cannot budget or manage for the uncertainty of fiscal and regulatory policy."
Speech
An economic overview: what's next? remembering Carol Reed, Aesop's Fable, Kenneth Arrow and Thomas Dewey
Remarks before the Rotary Club of Dallas, Dallas, Texas, July 13, 2011 ; "We are being challenged as the place to invest job-creating capital. Our fiscal and regulatory authorities do not operate in a vacuum; we live in a globalized, interconnected world where money is free to go to wherever it earns the best return. In their solution to the debt crisis, our political leaders must develop an entirely new structure of incentives for private businesses and investors to put their money to work creating jobs here at home."
Working Paper
India's future: it's about jobs
Projections of sustained strong growth in India depend importantly on the utilization of the huge increase in India's working-age population projected over the next two decades. To date, however, India's economic growth has been concentrated in high-skill and capital-intensive sectors, and has not generated strong employment growth. In this paper, we highlight the tension between India's performance in output and employment, describe the characteristics of India's demographic dividend, and discuss impediments to India's shift away from agriculture.
Working Paper
Job creation and housing construction: constraints on metropolitan area employment growth
Differences in the supply of housing generate substantial variation in housing prices across the United States. Because housing prices influence migration, the elasticity of housing supply also has an important impact on local labor markets. Specifically, an increase in labor demand will translate into less employment growth and higher wages in places where it is relatively difficult to build new houses. To identify metropolitan areas where the supply of housing is constrained, I assemble evidence on housing supply regulations from a variety of sources. In places with relatively few barriers ...
Working Paper
Job matching and propagation
In the U.S. labor market, the vacancy-unemployment ratio and employment react sluggishly to productivity shocks. The authors show that the job matching model in its standard form cannot reproduce these patterns due to excessively rapid vacancy responses. Extending the model to incorporate sunk costs for vacancy creation yields highly realistic dynamics. Creation costs induce entrant firms to smooth the adjustment of new openings following a shock, leading the stock of vacancies to react sluggishly.
Working Paper
Navigating uncertainty and growing jobs: considering small employer firm resilience during challenging economic times
How have certain small employer firms demonstrated resiliency despite ongoing economic uncertainty? This study considers the organizational capabilities of small employer firms operating in low- and moderate-income (LMI) census tract areas. Based on the limited evidence gathered in this mixed-methods study, the authors propose that resiliency, defined in this study as a company?s ability to act effectively in response to uncertain economic conditions such that the firm maintains or expands its workforce, depends strongly on five organizational capabilities. These are: (1) the effective use of ...