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Working Paper
Comparative Advantage and Moonlighting
Fuller, David L.; Vandenbroucke, Guillaume; Auray, Stéphane (2021-08)
We document three facts: (i) Higher educated workers are more likely to moonlight; (ii) conditional on education, workers with higher wages are less likely to moonlight; and (iii) the prevalence of moonlighting is declining over time for all education groups. We develop an equilibrium model of the labor market to explain these patterns. A dominating income effect explains the negative correlation of moonlighting with productivity in the cross section and the downward trend over time. A higher part-to-full time pay differential for skilled workers (a comparative advantage) explains the ...
Working Papers , Paper 2019-016

Working Paper
Labor Market Effects of Credit Constraints: Evidence from a Natural Experiment
Kumar, Anil; Liang, Che-Yuan (2019-05-16)
We exploit the 1998 and 2003 constitutional amendment in Texas—allowing home equity loans and lines of credit for non-housing purposes—as natural experiments to estimate the effect of easier credit access on the labor market. Using state-level as well as micro data and the synthetic control approach, we find that easier access to housing credit led to a notably lower labor force participation rate between 1998 and 2007. We show that our findings are remarkably robust to improved synthetic control methods based on insights from machine learning. We explore treatment effect heterogeneity ...
Working Papers , Paper 1810

Discussion Paper
Wage Pressures in the Labor Market: What Do They Say?
Hotchkiss, Julie L. (2021-06-03)
Wage pressures among the newly employed in low-wage service occupations appear to be the result of normal economic forces, likely reflecting demand surges for—and a reluctant supply of—workers in occupations particularly hard hit by pandemic-induced economic shutdowns.
Policy Hub , Paper 2021-05

Working Paper
Human Capital and Long-Run Labor Income Risk
Chyruk, Olena; Benzoni, Luca (2013-11-19)
This review article examines the role of labor income risk in determining the value of a person?s human capital. We draw on the existing literature to present a model that incorporates various types of shocks to earnings. Within this framework, we highlight the implications of different assumptions about the correlation between market returns and labor income growth for the value of human capital and its riskiness. Further, the article surveys other work that applies similar ideas to assess the value and risk of pension promises. Finally, we discuss how to enrich the environment with ...
Working Paper Series , Paper WP-2013-16

Newsletter
Did Covid-19 disproportionately affect mothers’ labor market activity?
Hu, Luojia; Aaronson, Daniel; Rajan, Aastha (2021-01-14)
School and day care center restrictions during the Covid-19 pandemic have presented enormous challenges to parents trying to juggle work with child-care responsibilities. Still, empirical evidence on the impact of pandemic-related child-care constraints on the labor market outcomes of working parents is somewhat mixed. Some studies suggest the pandemic had no additional impact on the labor supply of parents, while other studies show not only that it did but that the negative impact was disproportionately borne by working mothers.
Chicago Fed Letter , Issue 450 , Pages 5

Report
Relative pay, productivity, and labor supply
Bracha, Anat (2016-10-01)
Relative pay ? earnings compared with the earnings of others doing a similar job, or compared with one?s earnings in the past ? affects how much individuals would like to work (labor supply) and their effort on the job; it therefore has implications for both employers and policy makers. A collection of recent studies shows that relative pay information, even when it is irrelevant, significantly affects labor supply and effort. This effect stems mainly from those who compare unfavorably, as essentially all studies find that awareness of earning less than others or less than in the past ...
Current Policy Perspectives , Paper 17-2

Working Paper
Dissecting the Great Retirement Boom
Birinci, Serdar; Faria-e-Castro, Miguel; See, Kurt (2024-07)
Between 2020 and 2023, the fraction of retirees in the working-age population in the U.S. increased above its pre-pandemic trend. Several explanations have been proposed to rationalize this gap, such as the rise in net worth due to higher asset returns, the labor market's deterioration due to higher unemployment risk, the expansion of fiscal support programs, and increased mortality risk. We quantitatively study the interaction of these factors and decompose their relative contribution to the recent rise in retirements using an incomplete markets, overlapping generations model with a ...
Working Papers , Paper 2024-017

Working Paper
Marriage and Work among Prime-Age Men
Blandin, Adam; Jones, John Bailey; Yang, Fang (2023-01-13)
Married men work substantially more hours than men who have never been married, even after controlling for observables. Panel data reveal that much of this gap is attributable to an increase in work in the years leading up to marriage. Two potential explanations for this increase are: (i) men hit by positive labor market shocks are more likely to marry; and (ii) the prospect of marriage increases men's labor supply. We quantify the relative importance of these two channels using a structural life-cycle model of marriage and labor supply. Our calibration implies that marriage substantially ...
Working Paper , Paper 23-02

Report
The Impact of Felony Larceny Thresholds on Crime in New England
Sullivan, Riley; Jackson, Osborne (2020-03-01)
Criminal justice reform has been a high-priority policy area in New England and the nation in recent years. States are generally seeking legislation that would help reintegrate ex-offenders into society while still prioritizing the welfare of all members of the public and the achievement of fiscal goals. The research findings presented in this report indicate that raising felony larceny thresholds—that is, increasing the dollar value of stolen property at or above which a larceny offense may be charged in court as a felony rather than a misdemeanor, a policy adopted by three New England ...
New England Public Policy Center Research Report

Potential Jobs Impacted by Covid-19
http://fedora:8080/fcrepo/rest/objects/authors/; Faberman, R. Jason; Aaronson, Daniel (2020-04-01)
In this blog, we conduct an exercise to determine the potential consequences of the Covid-19 pandemic on near-term labor market outcomes. This is not a forecast, but an attempt to provide some discipline around potential bounds of the number of jobs impacted by the crisis. We estimate that between nine and 26 million jobs are potentially affected,1 with a best guess of around 15 million. If these jobs are lost, the June unemployment rate could reach between 14% and 18%, with a best guess of around 15%.
Midwest Economy Blog

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