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Individuals, married couples respond differently to U.S. income tax changes
Borella, Margherita; De Nardi, Mariacristina; Pak, Michael; Russo, Nicolò; Yang, Fang (2024-11-19)
Changes in effective income taxes can impact labor supply with different outcomes for married couples and singles, and changes can have a particularly notable impact on married women.
Dallas Fed Economics

Journal Article
Searching for Maximum Employment
Albert, Sarah; Valletta, Robert G. (2022-02-07)
How well the economy is progressing toward the Federal Reserve’s goal of maximum employment is reflected in a range of indicators that evolve over time. Beyond the unemployment rate, two key metrics of labor market health are the labor force participation rate and the employment-to-population ratio. The aging of the population is reducing the levels of both measures, implying that they are unlikely to return to pre-pandemic highs. However, these two indicators remain well below their demographic trends, and analysis suggests that they will not recover to trend until 2024.
FRBSF Economic Letter , Volume 2022 , Issue 02 , Pages 06

Journal Article
At the Richmond Fed: Community Conversations
Sablik, Timothy (2023-04)
When Tom Barkin became president of the Richmond Fed in 2018, he made it his goal to spend time in every part of the Fifth District to stay well-informed about its communities. (See "Learning From Our District,") One of the ways the Richmond Fed's research department supports this goal is through an event series known as Community Conversations. These are one- or two-day road trips to visit with business and community leaders and learn about an area's challenges and successes.
Econ Focus , Volume 23 , Issue 2Q , Pages 13

Working Paper
Demographics and the Evolution of Global Imbalances
Sposi, Michael (2017-12-01)
The age distribution evolves asymmetrically across countries, influencing relative saving rates and labor supply. Emerging economies experienced faster increases in working age shares than advanced economies did. Using a dynamic, multicountry model I quantify the effect of demographic changes on trade imbalances across 28 countries since 1970. Counterfactually holding demographics constant reduces net exports in emerging economies and boosts them in advanced economies. On average, a one percentage point increase in a country?s working age share, relative to the world, increases its ratio of ...
Globalization Institute Working Papers , Paper 332

Unprecedented U.S. immigration surge boosts job growth, output
Orrenius, Pia M.; Pranger, Ana; Zavodny, Madeline; Cañas, Jesus (2024-07-02)
U.S. labor market conditions are among the main drivers of an unprecedented surge of immigration, the exact size and consequences of which are still being assessed.
Dallas Fed Economics

Report
Demographic origins of the startup deficit
Karahan, Fatih; Sahin, Aysegul; Pugsley, Benjamin (2019-05-01)
We propose a simple explanation for the long-run decline in the U.S. startup rate. It originates from a slowdown in labor supply growth since the late 1970s, largely pre-determined by demographics. This channel can explain roughly 60 percent of the decline and why incumbent firm survival and average growth over the lifecycle have changed little. We show these results in a standard model of firm dynamics and test the mechanism using cross-state variation in labor supply growth. Finally, we show that a longer entry rate series imputed using historical establishment tabulations rises over the ...
Staff Reports , Paper 888

Working Paper
Understanding the New Normal : The Role of Demographics
López-Salido, J. David; Johannsen, Benjamin K.; Gagnon, Etienne (2016-09-28)
Since the onset of the Great Recession, the U.S. economy has experienced low real GDP growth and low real interest rates, including for long maturities. We show that these developments were largely predictable by calibrating an overlapping-generation model with a rich demographic structure to observed and projected changes in U.S. population, family composition, life expectancy, and labor market activity. The model accounts for a 1?percentage point decline in both real GDP growth and the equilibrium real interest rate since 1980?essentially all of the permanent declines in those variables ...
Finance and Economics Discussion Series , Paper 2016-080

Report
A unified approach to measuring u*
Eusepi, Stefano; Giannoni, Marc; Sahin, Aysegul; Crump, Richard K. (2019-05-01)
This paper bridges the gap between two popular approaches to estimating the natural rate of unemployment, u*. The first approach uses detailed labor market indicators, such as labor market flows, cross-sectional data on unemployment and vacancies, or various measures of demographic changes. The second approach, which employs reduced-form models and DSGE models, relies on aggregate price and wage Phillips curve relationships. We combine the key features of these two approaches to estimate the natural rate of unemployment in the United States using both data on labor market flows and a ...
Staff Reports , Paper 889

Discussion Paper
How Has Germany's Economy Been Affected by the Recent Surge in Immigration?
Klitgaard, Thomas; Higgins, Matthew (2019-05-20)
Germany emerged as a leading destination for immigration around 2011, as the country's labor market improved while unemployment climbed elsewhere in the European Union. A second wave began in 2015, with refugees from the Middle East adding to already heavy inflows from Eastern Europe. The demographic consequences of the surge in immigration include a renewed rise in Germany's population and the stabilization of the country's median age. The macroeconomic consequences are hard to measure but look promising, since per capita income growth has held up and unemployment has declined. Data on ...
Liberty Street Economics , Paper 20190520

Recent growth of professional services jobs favors select Texas counties
Pranger, Ana; Su, Yichen (2023-05-16)
Professional services jobs have grown faster in Texas than in the U.S. since 2020, partly because of business relocations to the state. This expansion has been highly geographically clustered, with 10 of Texas’ 254 counties accounting for more than 92 percent of the statewide growth.
Dallas Fed Economics

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