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Speech
Revisiting the Discourse on Dynamism
In remarks to local business economists, Philadelphia Fed President Patrick Harker gave his economic outlook and discussed new research that may help to explain why business dynamism has declined in the U.S. for several decades.
Discussion Paper
What Caused the Decline in Interstate Migration in the United States?
Geographic mobility is thought to be important both for economic mobility and for the efficiency of a labor market in allocating the right people to the right jobs. Accordingly, the willingness of the U.S. workforce to move is a factor behind the greater dynamism of the U.S. labor market compared to Europe. While Europeans tend to be more reluctant to move to distant places within their respective countries, the idea of moving across state borders for a job has been woven into the fabric of the American Dream. However, the image of the United States as a mobile nation has changed ...