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Journal Article
Can market-clearing models explain U.S. labor market fluctuations?
Li, Victor E. (1999-07)
Throughout the past two decades, market-clearing models of the business cycle have been praised for their ability to explain key empirical features of the post-war U.S. business cycle. Real business cycle (RBC) theory shows that in a model grounded in microeconomic foundations, disturbances to national productivity can explain how aggregate variables such as GDP, consumption and investment behave over time, relative to each other. One of the primary weaknesses of the standard RBC model, however, is its inability to account for some important aspects of U.S. labor market fluctuations. In this ...
Review , Volume 81 , Issue Jul , Pages 35-49

Briefing
Cyclical versus secular: decomposing the recent decline in U.S. labor force participation
Olivei, Giovanni P.; Barnes, Michelle L.; Gumbau-Brisa, Fabia (2013)
Since the start of the Great Recession, one of the most striking developments in the U.S. labor market has been the pronounced decline in the labor force participation rate. The crucial issue in interpreting the decline in U.S. labor force participation is how much of the decline reflects cyclical factors and how much reflects more persistent developments such as the demographic effects of an aging population. We provide a decomposition of cyclical versus trend movements in the labor force participation rate, informed by the joint dynamics of this variable with the employment-to-population ...
Public Policy Brief

Journal Article
Discouraged and other marginally attached workers: evidence on their role in the labor market
Kodrzycki, Yolanda (2000-05)
The combination of very low unemployment rates and somewhat limited wage and salary pressures has called into question our ability to measure labor market tightness. One issue is the extent to which labor availability is understated, given the existence of people who are not actively looking for work but express interest in working. This note examines the evidence on discouraged and other marginally attached workers. ; The author concludes that the number of discouraged and other marginally attached workers is extremely low, and their inclusion in an expanded measure of unemployment is ...
New England Economic Review , Issue May , Pages 35-40

Working Paper
Immigration, skill mix, and the choice of technique
Lewis, Ethan (2005)
Using detailed plant-level data from the 1988 and 1993 Surveys of Manufacturing Technology, this paper examines the impact of skill mix in U.S. local labor markets on the use and adoption of automation technologies in manufacturing. The level of automation differs widely across U.S. metropolitan areas. In both 1988 and 1993, in markets with a higher relative availability of less skilled labor, comparable plants ? even plants in the same narrow (4-digit SIC) industries ? used systematically less automation. Moreover, between 1988 and 1993 plants in areas experiencing faster less-skilled ...
Working Papers , Paper 05-8

Journal Article
Update on the Kansas and Missouri economies : Kansas City Fed’s survey of agricultural credit conditions
Pope, Adam; Felix, Alison (2011-07)
The Kansas and Missouri economies improved somewhat during the summer, but the pace of activity was fairly slow. Employment in Missouri remains above year-ago levels. In Kansas, employment growth over the past year was zero after being in negative territory for the last year. Unemployment rates remain elevated, but have continued to fall slightly over the last quarter in both Missouri and Kansas.
Midwest Economist , Issue Q III

Journal Article
A Strong Labor Market Has Narrowed Gaps in Participation and Employment between Black and White Non-College Men
Tuzemen, Didem; Venkatasubramanian, Deepak (2023-11-30)
Black and Hispanic workers faced disproportionately larger declines in labor force participation than white workers during the pandemic-led recession. This gap appears consistent with previous recessions: the labor market outcomes of racial and ethnic minorities tend to deteriorate more than those of white workers during recessions, widening gaps in participation, employment, and wages during downturns. However, the labor market has since recovered, with employment rising above pre-pandemic levels. Have gaps in labor market outcomes between Black and white workers narrowed?Didem Tüzemen and ...
Economic Review , Volume Vol. 109 , Issue no.1 , Pages 16

Working Paper
The occupational assimilation of Hispanics in the U.S.: evidence from panel data
Toussaint-Comeau, Maude (2004)
This study investigates whether Hispanic immigrants assimilate in occupational status with natives and the factors that determine occupational status. A theoretical framework is proposed that models occupational status and convergence of Hispanics relative to U.S.-born non-Hispanics as a function of human capital and demographic exogenous variables, U.S. experience (assimilation effects) and periods of migration (cohort effects). In addition, the model also controls for aggregate economic conditions and location effects. The empirical testing is based on a random effects model estimation ...
Working Paper Series , Paper WP-04-15

Working Paper
Firm entry and labor market dynamics
Silos, Pedro; Shao, Enchuan (2008)
We present a model of aggregate fluctuations in which monopolistic firms face sunk costs to enter the production process and labor markets are characterized by search and matching frictions. Entrants post vacancies and are matched to idle workers. Our specification of sunk costs gives rise to a countercyclical net present value of a vacancy; it is always zero in models where entry is free. The model displays a strong degree of amplification and propagation. The time-varying value of a vacancy has implications for the surplus division between firms and workers over business cycle. In the data, ...
FRB Atlanta Working Paper , Paper 2008-17

Working Paper
Employment flows, capital mobility, and policy analysis
Veracierto, Marcelo (2000)
This paper extends Hopenhayn and Rogerson's analysis of firing taxes by introducing a flexible form of capital and considering transitionary dynamics. The paper finds that capital is not important for understanding the long run and welfare effects of firing taxes. However, capital is crucial for determining the short run consequences of eliminating this type of policy.
Working Paper Series , Paper WP-00-5

Journal Article
Are economic flexibility and social welfare programs incompatible?
Zaretsky, Adam M. (1995-01)
The Regional Economist , Issue Jan , Pages 10-11

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