Search Results
Journal Article
How Insured Are Workers Against Unemployment? Unemployment Insurance and the Distribution of Liquid Wealth
In this Economic Commentary, we analyze the relationship between unemployment insurance (UI) recipiency and insurance by examining the wealth distribution of workers who have been through an unemployment spell. We focus on the net liquid wealth gap between recipients and nonrecipients of UI along the income distribution of the unemployed. Using recent data from the Survey of Income and Program Participation at the individual level, we estimate that UI recipients at the bottom half of the income distribution tend to have higher median net liquid wealth than nonrecipients, putting nonrecipients ...
Newsletter
Is there a skills mismatch in the labor market?
This article reviews the concept of skills mismatch in the labor market and examines its role in explaining ongoing low levels of hiring and high levels of unemployment during the current economic recovery.
Journal Article
Can the IRA and CHIPS Act Reduce Labor Earnings Inequality? Lessons from the US Shale Boom
We study how the US shale boom decreased labor earnings inequality by increasing demand for low-skill labor in small labor markets. The similarities in the concentrated geographic distribution of investments and the labor needed to build capacity between the US shale boom and the manufacturing construction influx that has followed the passage of the IRA and CHIPS and Science Acts raise the possibility that these bills could also impact labor earnings inequality in a similar way.
Journal Article
The labor of a Renaissance man
From Jos-Vctor Ros-Rull?s extensive agenda, a promising glimpse at failure
Speech
U.S. labor input in coming years
Chartered Financial Analysts Society of Philadelphia, Wilmington, Del., Nov. 14, 2006
Working Paper
A cohort-based model of labor force participation
The probability that an individual participates in the labor force declines precipitously beyond age 50. This feature of labor supply suggests that ongoing shifts in the age distribution of the population will put substantial downward pressure on the aggregate labor force participation rate. However, the aggregate rate is also influenced by trends within age groups. Neglecting to model both within-group influences and shifting population shares will doom any estimate of aggregate labor supply. We develop a model that identifies birth cohorts' propensities to participate, uses these ...
Working Paper
Sand in the wheels of the labor market: the effect of firing costs on employment
This paper examines the effects of firing costs in a dynamic general equilibrium model where firms face stochastic demand. It derives analytically two simple closed-form equations, one for the supply of labor, the other for its demand. These equations determine the comparative static effects of changes in firing costs on the labor market. When negative shocks are more likely to occur than positive shocks, and when the frequency of these shocks is high, firing costs have a substantial negative impact on aggregate employment. In addition, product market integration, as it has occurred in the ...
Working Paper
Changes in job quality and trends in labor hours
Many economic models featuring labor supply decision, especially in macroeconomic analysis, assume away heterogeneity in the nature of work, or assume that the nature of work is irrelevant to the labor/leisure choice. This paper studies the macroeconomic implications of relaxing this assumption. Estimation from micro data using labor hours, wages, consumption, and nonpecuniary job characteristics suggests that labor supply responds to differences and to changes in the nature of work. Ceteris paribus, some job characteristics induce more labor hours than others do. Labeling the jobs that embed ...
Postpandemic Employment Recovery in Fourth District Metro Areas
US employment has recovered rapidly following a significant decline caused by the COVID-19 pandemic. However, employment recoveries have varied significantly across metro areas. This District Data Brief compares the employment recoveries for metro areas of various sizes in the Fourth District and across the United States.
Working Paper
Boomerang kids: labor market dynamics and moving back home
This paper examines the relationship between the dynamics of parent-youth living arrangements and labor market outcomes for youths who do not go to college in the United States. The data come from a newly constructed panel data set based on retrospective monthly coresidence questions in the NLSY97. This is the first data set containing information on the labor market circumstances of youths at the time of movements in and out of the parental home. Based on estimates from duration models that allow for unobserved heterogeneity, I find that moving from employment to non-employment increases the ...