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Discussion Paper
Why Cash Transfers Are Good Policy in the COVID-19 Pandemic
Braun, R. Anton; Ikeda, Daisuke (2020-05-14)
The COVID-19 pandemic has had an exceptionally large and negative impact on economic activity around the world. We show that cash transfers can be a useful policy tool during a pandemic. Cash transfers mitigate consumption inequality induced by the pandemic and provide incentives to individuals who are most negatively affected by lockdown policies to adhere to them.
Policy Hub , Paper 2020-4

Working Paper
Luxuries, Necessities, and the Allocation of Time
Fang, Lei; Hannusch, Anne; Silos, Pedro (2021-12-28)
Households enjoy utility from activities that require a combination of time and goods. We classify activities into two types: luxuries and necessities. Luxuries (necessities) are activities for which time and expenditure shares rise (decline) with income. We develop and estimate a model with nonhomothetic preferences and find that time and goods are substitutable in producing activities. Activities are also substitutable among themselves. Hence, wage and price changes cause large reallocations of time and expenditures across activities. This effect is quantitatively important for welfare ...
FRB Atlanta Working Paper , Paper 2021-28

Working Paper
How Important Is Health Inequality for Lifetime Earnings Inequality?
Hosseini, Roozbeh; Kopecky, Karen A.; Zhao, Kai (2021-01-04)
Using a dynamic panel approach, we provide empirical evidence that negative health shocks reduce earnings. The effect is primarily driven by the participation margin and is concentrated in less educated individuals and those with poor health. We build a dynamic, general equilibrium, life cycle model that is consistent with these findings. In the model, individuals whose health is risky and heterogeneous choose to either work, or not work and apply for social security disability insurance (SSDI). Health affects individuals’ productivity, SSDI access, disutility from work, mortality, and ...
FRB Atlanta Working Paper , Paper 2021-1

Discussion Paper
How Have Racial and Ethnic Earnings Gaps Changed after COVID-19?
Chatterji-Len, Kasey; García, Daniel I.; Pinkovskiy, Maxim L.; Chakrabarti, Rajashri (2022-10-20)
Racial and ethnic earnings disparities have been salient features of the U.S. economy for decades. Between the pandemic-driven recession in 2020 and the rising inflation since 2021, workers’ real and nominal earnings have seen rapid change. To get a sense of how recent economic conditions have affected earnings disparities, we examine real and nominal weekly earnings trends for Asian, Black, Hispanic, and white workers. We find that average real weekly earnings have been declining in the past year, but less so for Black and Hispanic workers than for white and Asian workers. Black and ...
Liberty Street Economics , Paper 20221020a

Working Paper
The Pathway to Enrolling in a High-Performance High School: Understanding Barriers to Access
Sartain, Lauren; Barrow, Lisa (2020-12-04)
In 2017, Chicago Public Schools adopted an online universal application system for all high schools with the hope of providing more equitable access to high-performance schools. Despite the new system, Black students and students living in low-socioeconomic status (SES) neighborhoods remained less likely than their peers to enroll in a high-performance high school. In this paper, we characterize various constraints that students and families may face in enrolling in a high-performance high school including eligibility to programs based on prior academic achievement, distance from ...
Working Paper Series , Paper WP-2020-32

Working Paper
Optimal Monetary Policy for the Masses
Bullard, James B.; DiCecio, Riccardo (2021-01-20)
We study nominal GDP targeting as optimal monetary policy in a simple and stylized model with a credit market friction. The macroeconomy we studyhas considerable income inequality, which gives rise to a large private sector credit market. There is an important credit market friction because households participating in the credit market use non-state contingent nominal contracts (NSCNC). We extend previous results in this model by allowing for substantial intra-cohort heterogeneity. The heterogeneity is substantial enough that we can approach measured Gini coefficients for income, financial ...
Working Papers , Paper 2019-009

Discussion Paper
Women’s Labor Force Participation Was Rising to Record Highs—Until the Pandemic Hit
Abel, Jaison R.; Deitz, Richard (2021-05-10)
Women’s labor force participation grew precipitously in the latter half of the 20th century, but by around the year 2000, that progress had stalled. In fact, the labor force participation rate for prime-age women (those aged 25 to 54) fell four percentage points between 2000 and 2015, breaking a decades-long trend. However, as the labor market gained traction in the aftermath of the Great Recession, more women were drawn into the labor force. In less than five years, between 2015 and early 2020, women’s labor force participation had recovered nearly all of the ground lost over the prior ...
Liberty Street Economics , Paper 20210510

Discussion Paper
Who Uses “Buy Now, Pay Later?”
Aidala, Felix; Mangrum, Daniel; Van der Klaauw, Wilbert (2023-09-26)
“Buy now, pay later” (BNPL) has become an increasingly popular form of payment among Americans in recent years. While BNPL provides shoppers with the flexibility to pay for goods and services over time, usually with zero interest, the Consumer Financial Protection Bureau (CFPB) has identified several areas of potential consumer harm associated with its growing use, including inconsistent consumer protections, and the risk of excessive debt accumulation and over-extension. BNPL proponents have argued that the service enables improved credit access and greater financial inclusion, with ...
Liberty Street Economics , Paper 20230926

Working Paper
Insurance and Inequality with Persistent Private Information
Bloedel, Alex; Krishna, R. Vijay; Leukhina, Oksana (2021-12-10)
This paper studies the implications of optimal insurance provision for long-run welfare and inequality in economies with persistent private information. We consider a model in which a principal insures an agent whose privately observed endowment follows an ergodic, finite Markov chain. The optimal contract always induces immiseration: the agent’s consumption and utility decrease without bound. Under positive serial correlation, the optimal contract also features backloaded high-powered incentives: the sensitivity of the agent’s utility with respect to his report increases without bound. ...
Working Papers , Paper 2018-020

Journal Article
Taxing The 1 Percent
Nakajima, Makoto (2017-04)
Raising taxes on top earners is often seen as a straightforward way to stem inequality. The trick is preserving efficient revenue generation and work incentives for the economy?s most productive contributors.
Economic Insights , Volume 2 , Issue 2 , Pages 1-10

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