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Why I Want You to Study Economics: Increasing Diversity, Inclusion, and Opportunity in Economics; 04-04-18; Central State University College of Business, Wilberforce, OH
Part of the Leaders, Executives, Entrepreneurs, and Directors (LEED) Program. At the Federal Reserve, we are proud of the fact that while the first two attempts at central banks in the U.S. lasted only 20 years each, the Fed is in its 105th year. But Central State is even older. Founded in 1887, the university recently celebrated its 131st birthday. Central State?s designation as a historically black college and its focus on providing a high-quality academic experience to all students are things to be proud of. They make this university a very good place for me to speak about the benefits of ...
Job Ladders and Earnings of Displaced Workers
Workers who suffer job displacement experience surprisingly large and persistent earnings losses. This paper proposes an explanation for this robust empirical puzzle in a model of search over match-quality with a significant job ladder. In addition to capturing the depth and persistence of displaced-worker-earnings losses, the model is able to match a) separation rates by tenure; b) the empirical decomposition of earnings losses into reduced wages and employment; c) observed wage dispersion; d) the pattern of employer-to-employer transitions after layoff, and e) the degree of serial ...
Community Leaders and the Preservation of Cultural Traits
We explain persistent differences in cultural traits of immigrant groups with the presence of community leaders. Leaders influence the cultural traits of their community, which have an impact on the group?s earnings. They determine whether a community will be more assimilated and wealthier or less assimilated and poorer. With a leader, cultural integration remains incomplete. The leader chooses more distinctive cultural traits in high-productivity environments and if the community is more connected. Lump-sum transfers to immigrants can hinder cultural integration. These findings are in line ...
Are America's Inner Cities Competitive? Evidence from the 2000s
In the years since Michael Porter?s paper about the potential competitiveness of inner cities there has been growing evidence of a residential resurgence in urban neighborhoods. Yet, there is less evidence on the competitiveness of inner cities for employment. We document the trends in net employment growth and find that inner cities gained over 1.8 million jobs between 2002 and 2011 at a rate comparable to suburban areas. We also find a significant number of inner cities are competitive over this period?increasing their share of metropolitan employment in 120 out of 281 MSAs. We also ...
Neighborhood Dynamics and the Distribution of Opportunity
Wilson (1987) argued that policies ending racial discrimination would not equalize opportunity without addressing residential sorting and neighborhood externalities. This paper studies related counterfactual policies using an overlapping-generations dynamic general equilibrium model of residential sorting and intergenerational human capital accumulation. In the model, households choose where to live and how much to invest toward the production of their child?s human capital. The return on parents? investment is determined in part by the child?s ability and in part by an externality determined ...
Income Inequality Matters, but Mobility Is Just as Important
Concerns about rising income inequality are based on comparing income distributions over time. It is important to remember that such distributions are snapshots of a single year, and that the same households do not necessarily appear year after year in the same quintile of the distribution. Paying attention to mobility, as well as inequality, gives us a richer picture of the income possibilities for households over time. We document changes in a measure of income mobility over the past 40 years, a period in which income inequality has increased. We find a modest level of movement through the ...
Universal CSAs in Illinois: Addressing the Racial Wealth Gap
In Angela Glover Blackwell?s essay in What It?s Worth, she talks about her childhood and how she was fortunate to have access to community assets that provide ?ladders for success.? While these assets created a pathway to financial security that included college for many in her community, she acknowledges that similar ?communities of opportunity? are not the reality for many families of color. In Illinois, there are significant disparities in opportunity between majority white communities and communities of color. According to the 2016 Illinois Poverty Report, poverty rates are two to three ...
The Consequences of Exposure to Violence during Early Childhood
We investigate the impact that exposure to violence in childhood has on an individual?s propensity to engage in risky behaviors later in life and their probability of dying young. We document that black young males in the United States are exposed to much more violence in early childhood than their white counterparts. We also show that exposure to violence has a strong relationship with a host of undesirable later outcomes, and that relationship tends to be the same regardless of race, household income, mother?s educational attainment, or family structure.
Gender Composition of the Boards of Directors of the Regional Federal Reserve Banks
Women have traditionally been underrepresented among governors of the Federal Reserve Board and among presidents of the regional Federal Reserve Banks. This lack of diversity may limit the representation of the interests of women, leave out valuable talent, and affect group dynamics and decision-making. These concerns are also relevant for the members of the Boards of Directors of the twelve regional banks of the Federal Reserve System. This article presents and analyzes hand-collected data on female representation on these twelve boards. Since 1977, when the first five women began serving as ...