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Discussion Paper
States Are Recovering Lost Jobs at Surprisingly Similar Rates
Orr, James A.; Bram, Jason (2013-06-26)
The U.S. economy lost more than 8 million jobs between January 2008 and February 2010. In contrast with earlier recessions, employment declines were seen across almost all states. The extent varied: In this recession, states with big housing busts generally saw steeper job losses, especially in construction, while some states also had severe job losses driven by manufacturing declines. One feature of this employment recovery is that it?s actually been quite uniform across states?and much more uniform than in earlier recoveries. With few exceptions, states appear to be marching in lockstep.
Liberty Street Economics , Paper 20130626

The Relationship between Wage Growth and Inflation, One Recession Later
Sanchez, Juan M.; Wilkinson, Olivia (2022-02-25)
Periods of high inflation generally are periods of low real wage growth. In the aftermath of the pandemic recession, is that still the case?
On the Economy

Journal Article
Using Tax-Time Savings Programs to Build Assets
Daniel, Hochberg (2014-01)
The recent financial crisis and subsequent recession had a debilitating effect on the wealth of many American families. In a report produced by the Federal Reserve Bank of St. Louis, it was estimated that household wealth declined 26 percent from its peak in 2007 to the trough in 2009. Not surprisingly, low- and moderate-income (LMI) families, who were already struggling financially prior to the crisis, were among the hardest hit. In 2008, nearly 30 percent of low-income families had zero or negative net worth.
Cascade , Volume 1

Journal Article
A tale of two states: the recession’s impact on N.Y. and N.J. school finances
Livingston, Max; Chakrabarti, Rajashri; Bhalla, Ravi (2017-23-01)
Although schools play a crucial role in human capital formation and economic growth, relatively few studies consider the effect of recessions (and in particular the Great Recession) on schools. This article helps fill this gap by comparing and contrasting the effects of the Great Recession on school districts in New York and New Jersey. In fact, it is the first article to compare the impacts of the Great Recession on schools in different states. The authors find that the two states had very different experiences in the two years following the recession. While total school funding in New York ...
Economic Policy Review , Issue 23-1 , Pages 30-42

The Real State of Family Wealth: Will COVID-19 Worsen Racial, Educational and Generational Gaps in the U.S.?
Kent, Ana Hernández; Ricketts, Lowell R.; Emmons, William R. (2020-11-19)
A new quarterly assessment tracks the pandemic’s impact on wealth trends by demographic groups.
On the Economy

Discussion Paper
Wage Growth over Unemployment Spells
Silos, Pedro; Fang, Lei (2020-07-13)
This article looks at the wage growth associated with a spell of unemployment during the past three recessions. Our main findings are threefold. First, half of all unemployed workers experience a lower hourly wage once they regain employment. Second, afteran unemployment spell, older workers and those without a college degree experience lower wage growth. Third, workers who regain employment in a different industry than they were in previously tend to experience a substantial wage decline. The analysis suggests that the COVID-19 pandemic not only led to unprecedented job losses, but it could ...
Policy Hub , Paper 2020-9

Journal Article
Regional Spotlight: The State of the States
Flora, Paul R. (2016-10)
The U.S. economy has been expanding for seven years ? but don?t tell that to a handful of states that have suffered recessions recently. Paul R. Flora discusses how Philadelphia Fed indexes may aid in the tricky business of identifying recession patterns among the 50 states.
Regional Spotlight , Issue Q4 , Pages 8-15

Discussion Paper
Racial and Income Gaps in Consumer Spending following COVID-19
Avtar, Ruchi; Chakrabarti, Rajashri; Pinkovskiy, Maxim L.; Topa, Giorgio (2021-05-13)
This post is the first in a two-part series that seeks to understand whether consumer spending patterns during the COVID-19 pandemic evolved differentially across counties by race and income. As the pandemic hit and social distancing restrictions were put into place in March 2020, consumer spending plummeted. Subsequently, as social distancing restrictions began to be relaxed later in spring 2020, consumer spending started to rebound. We find that higher-income counties had a considerably steeper decline and a shallower recovery than low-income counties did. The differences by race were also ...
Liberty Street Economics , Paper 20210513a

Discussion Paper
COVID-19 and Small Businesses: Uneven Patterns by Race and Income
Topa, Giorgio; Chakrabarti, Rajashri; Melcangi, Davide; Avtar, Ruchi; Pinkovskiy, Maxim L. (2021-05-27)
The COVID-19 pandemic resulted in one of the sharpest recessions and recoveries in U.S. history. As the virus spread over the country in a matter of weeks in March 2020, most states rapidly locked down nonessential economic activity, which plummeted as a result. As the first wave of COVID-19 subsided and people gradually learned to “live with the virus,” states reversed most of the initial lockdowns and economic activity rebounded. In our ongoing Economic Inequality series, we have explored many aspects of how the economic turmoil associated with COVID-19 differentially affected ...
Liberty Street Economics , Paper 20210527a

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