Search Results
Showing results 1 to 10 of approximately 81.
(refine search)
Journal Article
The State of States’ Unemployment in the Fourth District
Vecchio, Christopher; Tasci, Murat; Treanor, Caitlin
(2017-01)
Unemployment rates vary across individual US states at any point in time and respond to business-cycle fluctuations differently. Evaluating what constitutes a ?normal? level for the unemployment rate at the state level is not easy, but it is an important issue for policymakers. We introduce a framework that enables us to calculate the normal unemployment rate for each of the four states in the Fourth District and compare that rate to the national normal rate. We conclude that these states and the District as a whole have very little labor market slack left from the Great Recession.
Economic Commentary
, Issue January
Working Paper
Corporate Borrowing, Investment, and Credit Policies during Large Crises
Ebsim, Mahdi; Kozlowski, Julian; Faria-e-Castro, Miguel
(2021-02-05)
We compare the evolution of corporate credit spreads during two large crises: the Great Financial Crisis (GFC) and the COVID-19 pandemic. These crises initially featured spread increases of similar magnitudes, but the pandemic was much more short-lived. The microdata reveal that firm leverage was a more important predictor of credit spreads during the GFC, but that firm liquidity was more important during the pandemic. In a model of the firm capital structure that is calibrated to match the joint distribution of leverage, liquidity, and credit spreads, we show that the GFC resembled a ...
Working Papers
, Paper 2020-035
Working Paper
FHA, Fannie Mae, Freddie Mac, and the Great Recession
Sherlund, Shane M.; Passmore, Wayne
(2016-04-12)
Did government mortgage programs mitigate the adverse economic effects of the financial crisis? We find that counties with greater participation in traditional government mortgage programs experienced less severe economic downturns during the Great Recession. In particular, counties with higher levels of participation in FHA, Fannie Mae, and Freddie Mac lending had relatively smaller increases in mortgage delinquency rates; smaller declines in purchase originations, home sales, home prices, and new automobile purchases; and smaller increases in unemployment rates. These results hold both in ...
Finance and Economics Discussion Series
, Paper 2016-031
Journal Article
Are recent college graduates finding good jobs?
Abel, Jaison R.; Deitz, Richard; Su, Yaquin
(2014)
According to numerous accounts, the Great Recession has left many recent college graduates struggling to find jobs that utilize their education. However, a look at the data on the employment outcomes for recent graduates over the past two decades suggests that such difficulties are not a new phenomenon: individuals just beginning their careers often need time to transition into the labor market. Still, the percentage who are unemployed or ?underemployed??working in a job that typically does not require a bachelor?s degree?has risen, particularly since the 2001 recession. Moreover, the quality ...
Current Issues in Economics and Finance
, Volume 20
Working Paper
Does Disappointing European Productivity Growth Reflect a Slowing Trend? Weighing the Evidence and Assessing the Future
Inklaar, Robert; Fernald, John G.
(2020-06-12)
In the years since the Great Recession, many observers have highlighted the slow pace of labor and total factor productivity (TFP) growth in advanced economies. This paper focuses on the European experience, where we highlight that trend TFP growth was already low in the runup to the Global Financial Crisis (GFC). This suggests that it is important to consider factors other than just the deep crisis itself or policy changes since the crisis. After the mid-1990s, European economies stopped converging, or even began diverging, from the U.S. level of TFP. That said, in contrast to the United ...
Working Paper Series
, Paper 2020-22
Working Paper
Heterogeneity and Unemployment Dynamics
Ahn, Hie Joo; Hamilton, James D.
(2016-02-22)
This paper develops new estimates of flows into and out of unemployment that allow for unobserved heterogeneity across workers as well as direct effects of unemployment duration on unemployment-exit probabilities. Unlike any previous paper in this literature, we develop a complete dynamic statistical model that allows us to measure the contribution of different shocks to the short-run, medium-run, and long-run variance of unemployment as well as to specific historical episodes. We find that changes in the inflows of newly unemployed are the key driver of economic recessions and identify an ...
Finance and Economics Discussion Series
, Paper 2016-12
Newsletter
Helping Homeowners During the Covid-19 Pandemic: Lessons from the Great Recession
Dokko, Jane; Dynan, Karen E.; Amromin, Gene
(2020-06-30)
The Covid-19 public health crisis has sharply reduced the earnings of millions of U.S. households, following the severe curtailment of economic activity needed to contain the spread of the virus. Meanwhile, households continue to confront their ongoing financial obligations. The ability of households to manage these obligations has important consequences for the speed at which the U.S. economy can recover from the current crisis. Households that are wiped out financially in the coming months will not be in a position to strongly resume spending once the virus containment issues have passed. ...
Chicago Fed Letter
, Issue 443
, Pages 9
Report
Did cuts in state aid during the Great Recession lead to changes in local property taxes?
Roy, Joydeep; Livingston, Max; Chakrabarti, Rajashri
(2013-10-01)
During the Great Recession and its aftermath, state and local governments? revenue streams dried up due to diminished taxes. Budget cuts affected many aspects of government; in this paper, we investigate whether (and how) local school districts modified their funding and taxing decisions in response to changes in state aid in the post-recession period. Using detailed district-level panel data from New York and a fixed effects as well as an instrumental variables strategy, we find strong evidence that school districts did indeed respond to state aid cuts in the post-recession period by ...
Staff Reports
, Paper 643
Report
Appendix for Financial Frictions and Fluctuations in Volatility
Kehoe, Patrick J.; Bai, Yan; Arellano, Cristina
(2017-01-24)
This appendix contains five sections. Section 1 provides details for the comparative statics exercise performed in the simple example. Section 2 discusses extending the model to allow firms to default on the wages for managers. Section 3 describes the firm-level and aggregate data. Section 4 contains the details of the computational algorithm. Finally, Section 5 reports the results for our model with a lower labor elasticity.
Staff Report
, Paper 538
Discussion Paper
Can Lessons from the Great Recession Guide Policy Responses to the Pandemic-Driven Economic Crisis?
Van Horn, Carl; Oates, Jane
(2020-06-16)
In a 1948 speech to the British House of Commons, Winston Churchill warned, "Those who fail to learn from history are condemned to repeat it." As the U.S. economy struggles to reopen safely and recover, what are the lessons from the Great Recession that might help guide how policymakers respond to the pandemic-driven economic crisis?1 What should we expect over the coming months and years as the nation struggles to restore its economy, which before the pandemic had finally achieved historically low unemployment levels? In June 2020, there is much that we do not know or would even attempt to ...
Workforce Currents
, Paper 2020-05
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of St. Louis 17 items
Federal Reserve Bank of New York 16 items
Board of Governors of the Federal Reserve System (U.S.) 14 items
Federal Reserve Bank of Cleveland 8 items
Federal Reserve Bank of Chicago 6 items
Federal Reserve Bank of Philadelphia 6 items
Federal Reserve Bank of Minneapolis 5 items
Federal Reserve Bank of San Francisco 4 items
Federal Reserve Bank of Richmond 3 items
Federal Reserve Bank of Atlanta 1 items
Federal Reserve Bank of Kansas City 1 items
show more (6)
show less
FILTER BY Series
Working Papers 13 items
Finance and Economics Discussion Series 11 items
On the Economy 7 items
Liberty Street Economics 6 items
Staff Reports 6 items
Staff Report 5 items
Working Paper Series 4 items
Chicago Fed Letter 3 items
Economic Insights 3 items
International Finance Discussion Papers 3 items
Speech 3 items
Economic Commentary 2 items
Working Paper 2 items
Working Papers (Old Series) 2 items
Business Review 1 items
Community Development Working Paper 1 items
Current Issues in Economics and Finance 1 items
Economic Perspectives 1 items
Economic Policy Review 1 items
FRBSF Economic Letter 1 items
Regional Matters 1 items
Regional Spotlight 1 items
Research Working Paper 1 items
The Regional Economist 1 items
Workforce Currents 1 items
show more (20)
show less
FILTER BY Content Type
Working Paper 37 items
Journal Article 12 items
Report 11 items
Discussion Paper 8 items
Newsletter 3 items
Speech 3 items
show more (1)
show less
FILTER BY Author
Del Negro, Marco 6 items
Ebsim, Mahdi 4 items
Faria-e-Castro, Miguel 4 items
Kehoe, Patrick J. 4 items
Kozlowski, Julian 4 items
Schorfheide, Frank 4 items
Aliprantis, Dionissi 3 items
Amburgey, Aaron 3 items
Amromin, Gene 3 items
Athreya, Kartik B. 3 items
Birinci, Serdar 3 items
Giannoni, Marc 3 items
Mather, Ryan 3 items
McInish, Thomas H. 3 items
Mustre-del-Rio, Jose 3 items
Neely, Christopher J. 3 items
Planchon, Jade 3 items
Sanchez, Juan M. 3 items
Schweitzer, Mark E. 3 items
Abel, Jaison R. 2 items
Ahn, Hie Joo 2 items
Cai, Michael 2 items
Deitz, Richard 2 items
Dudley, William 2 items
Emmons, William R. 2 items
Fee, Kyle 2 items
Fernald, John G. 2 items
Gupta, Abhi 2 items
Hasegawa, Raiden B. 2 items
Inklaar, Robert 2 items
Krueger, Dirk 2 items
Li, Pearl 2 items
Lopez, Pierlauro 2 items
Melosi, Leonardo 2 items
Midrigan, Virgiliu 2 items
Passmore, Wayne 2 items
Pastorino, Elena 2 items
Sherlund, Shane M. 2 items
Tambalotti, Andrea 2 items
Tasci, Murat 2 items
Treanor, Caitlin 2 items
Agarwal, Sumit 1 items
Altunbas, Yener 1 items
Arellano, Cristina 1 items
Bai, Yan 1 items
Brinca, Pedro 1 items
Campbell, Jeffrey R. 1 items
Carlino, Gerald A. 1 items
Cashin, David B. 1 items
Chakrabarti, Rajashri 1 items
Chari, V. V. 1 items
Cheng, Xu 1 items
Coibion, Olivier 1 items
Curdia, Vasco 1 items
De Francisco, Eva 1 items
Demyanyk, Yuliya 1 items
DiMaggio, Marco 1 items
Dokko, Jane 1 items
Duygan-Bump, Burcu 1 items
Dynan, Karen E. 1 items
Elul, Ronel 1 items
Ericsson, Neil R. 1 items
Eyigungor, Burcu 1 items
Faccini, Renato 1 items
Finnegan, Madeline 1 items
Fisher, Jonas D. M. 1 items
Flora, Paul R. 1 items
Fujita, Shigeru 1 items
Garcia, Daniel I. 1 items
Garriga, Carlos 1 items
Gartner, Hermann 1 items
Glover, Andrew 1 items
Gorodnichenko, Yuriy 1 items
Greenwald, Daniel L. 1 items
Gross, Tal 1 items
Guerron-Quintana, Pablo 1 items
Gupta, Vineet 1 items
Haltenhof, Samuel 1 items
Hamerling, Sarah Ngo 1 items
Hamilton, James D. 1 items
Haughwout, Andrew F. 1 items
Heathcote, Jonathan 1 items
Hedlund, Aaron 1 items
Herbst, Daniel 1 items
Hirtle, Beverly 1 items
Hong, Sungki 1 items
Hryshko, Dmytro 1 items
Hwang, Jackelyn 1 items
Ionescu, Felicia 1 items
Ionescu, Marius 1 items
Justiniano, Alejandro 1 items
Kennickell, Arthur B. 1 items
Kermani, Amir 1 items
Keys, Benjamin J. 1 items
Kovner, Anna 1 items
Kudlyak, Marianna 1 items
Kwast, Myron L. 1 items
Lee, Seung Jung 1 items
Lenney, Jamie 1 items
Leukhina, Oksana 1 items
Leykov, Alexey 1 items
Liao, Zhipeng 1 items
Livingston, Max 1 items
Luck, Stephan 1 items
Luengo-Prado, Maria Jose 1 items
Lutz, Byron F. 1 items
Manganelli, Simone 1 items
Marques-Ibanez, David 1 items
Marre, Alexander W. 1 items
Mazewski, Matthew 1 items
Mazumder, Bhashkar 1 items
McGranahan, Leslie 1 items
McGrattan, Ellen R. 1 items
Mendez-Carbajo, Diego 1 items
Mester, Loretta J. 1 items
Mitman, Kurt 1 items
Mondragon, John 1 items
Montoriol-Garriga, Judit 1 items
Moszkowski, Erica 1 items
Murton, Arthur J. 1 items
Ng, Ging Cee 1 items
Oates, Jane 1 items
Perri, Fabrizio 1 items
Peterman, William B. 1 items
Pinkovskiy, Maxim L. 1 items
Plosser, Matthew 1 items
Pogach, Jonathan 1 items
Rios-Rull, Jose-Victor 1 items
Roy, Joydeep 1 items
Sbordone, Argia M. 1 items
Schanzenbach, Diane Whitmore 1 items
Shell, Hannah 1 items
Shrimali, Bina 1 items
Sorensen, Bent E. 1 items
Stebunovs, Viktors 1 items
Su, Yaquin 1 items
Van Horn, Carl 1 items
Vecchio, Christopher 1 items
Werner, Devin 1 items
Wilson, Daniel J. 1 items
Yang, Tiantian 1 items
Zarutskie, Rebecca 1 items
Zhong, Molin 1 items
show more (138)
show less
FILTER BY Jel Classification
E44 14 items
G21 12 items
E21 9 items
E32 9 items
G01 7 items
G12 6 items
C53 5 items
D31 5 items
E2 5 items
E24 5 items
G28 5 items
D58 4 items
E52 4 items
G11 4 items
E23 3 items
E27 3 items
E4 3 items
E62 3 items
G1 3 items
G18 3 items
G32 3 items
I10 3 items
J20 3 items
J21 3 items
J22 3 items
J28 3 items
R12 3 items
C11 2 items
C32 2 items
C41 2 items
D14 2 items
D24 2 items
E3 2 items
E58 2 items
E6 2 items
F45 2 items
G51 2 items
J24 2 items
J64 2 items
O47 2 items
C13 1 items
C14 1 items
C33 1 items
C51 1 items
C52 1 items
C54 1 items
C61 1 items
D12 1 items
D52 1 items
D53 1 items
D83 1 items
D91 1 items
E00 1 items
E13 1 items
E22 1 items
E30 1 items
E31 1 items
E37 1 items
E43 1 items
E5 1 items
E50 1 items
E51 1 items
E60 1 items
E61 1 items
F62 1 items
G15 1 items
G20 1 items
G23 1 items
G30 1 items
G31 1 items
G33 1 items
H0 1 items
H40 1 items
H51 1 items
I11 1 items
I15 1 items
I21 1 items
I23 1 items
I28 1 items
J2 1 items
J23 1 items
J6 1 items
J60 1 items
J62 1 items
J65 1 items
L25 1 items
R21 1 items
R30 1 items
R31 1 items
R38 1 items
show more (85)
show less
FILTER BY Keywords
Great Recession 81 items
COVID-19 10 items
DSGE models 6 items
unemployment 5 items
Monetary Policy 5 items
Consumption 4 items
Credit Spreads 4 items
Forecasting 4 items
labor market 4 items
Agency securities 3 items
Bankruptcy 3 items
Credit Card 3 items
Delinquency 3 items
Financial Distress 3 items
Labor Force Participation 3 items
Large-Scale Asset Purchases (LSAP) 3 items
Liquidity 3 items
Mortgage 3 items
Opioid Abuse 3 items
Opioid Prescription Rate 3 items
Quantitative Easing 3 items
Treasury bond short interest 3 items
Treasury securities 3 items
Credit constraints 3 items
Economic recovery 3 items
Employment 3 items
Housing 3 items
financial crisis 3 items
financial frictions 3 items
Bayesian estimation 2 items
Business cycles 2 items
Extended Kalman filter 2 items
Foreclosure 2 items
State space model 2 items
United States 2 items
Unobserved heterogeneity 2 items
college graduates 2 items
consumer credit 2 items
coronavirus 2 items
recession 2 items
underemployment 2 items
Collateral constraints 2 items
Construction 2 items
Convergence 2 items
Credit crunch 2 items
Economic growth 2 items
Financial recession 2 items
Government policy 2 items
Government transfers 2 items
Mortgages 2 items
Productivity Growth 2 items
Real-time Forecasts 2 items
1960s 1 items
1970s 1 items
1982 recession 1 items
Aggregate risk 1 items
Asset prices 1 items
Automatic stabilizers 1 items
Autometrics 1 items
Bank credit channels 1 items
Bank risk 1 items
Bayesian analysis 1 items
Black Monday 1 items
Business cycle accounting 1 items
CARES Act 1 items
Columbia University 1 items
Consistent Model Selection 1 items
Counterfactual policy analysis 1 items
Credit supply 1 items
DSGE 1 items
Debt 1 items
Default 1 items
Duration dependence 1 items
Economic downturn 1 items
Emergency Financial Control Board 1 items
Entrepreneurship 1 items
FOMC 1 items
Factor Model 1 items
Fed 1 items
Fed balance sheet 1 items
Financing constraints 1 items
Firm heterogeneity 1 items
Firm performance 1 items
Fiscal policy 1 items
Fore- closure 1 items
GDP 1 items
Genuine duration dependence 1 items
Geographic Differences 1 items
Germany 1 items
Greenbook 1 items
Headwinds 1 items
High-dimensional Model 1 items
Historical Decomposition 1 items
Home construction 1 items
Homebuilding 1 items
Income 1 items
LASSO 1 items
Labor Market Slack 1 items
Labor wedge 1 items
Large Data Sets 1 items
Macroeconomics 1 items
Maryland 1 items
Missing Disinflation 1 items
Multipliers 1 items
Municipal Assistance Corporation (MAC) 1 items
Nearest neighbor 1 items
Overlapping generations 1 items
Payday loans 1 items
Payroll 1 items
Public debt and national budget 1 items
Public economics 1 items
STEM 1 items
Semiparametric methods 1 items
Shrinkage Estimation 1 items
Slow Recovery 1 items
Social insurance 1 items
Structural Break 1 items
Taxation 1 items
Tealbook 1 items
Uncertainty shocks 1 items
Unemployment duration 1 items
Unemployment dynamics 1 items
Unemployment rate 1 items
Wages 1 items
Wealth inequality 1 items
Welfare loss from recessions 1 items
Young firms 1 items
anti-predatory lending 1 items
bank lending standards 1 items
banking industry 1 items
beliefs 1 items
bias 1 items
business models 1 items
capital loss 1 items
cash-out refinancing 1 items
college major 1 items
consumer expectations 1 items
consumption growth 1 items
credit cards 1 items
credit scores 1 items
crisis 1 items
debt overhang 1 items
diversity 1 items
dot-com recession 1 items
dual-earner couples 1 items
employment gap 1 items
fat tails 1 items
financial dependence 1 items
financial instability 1 items
firm size 1 items
fiscal stimulus 1 items
forbearance 1 items
forecasts 1 items
foreclosures 1 items
gender 1 items
health spending 1 items
hiring frictions 1 items
home buying 1 items
home equity extraction 1 items
home ownership 1 items
homelessness 1 items
house pricing 1 items
household 1 items
household consumption 1 items
household debt 1 items
housing finance 1 items
impulse indicator saturation 1 items
income inequality 1 items
inequality 1 items
job losses 1 items
job separations 1 items
job switching 1 items
jobs 1 items
labor 1 items
labor market dynamics 1 items
labor market trends 1 items
linear prediction pools 1 items
macroeconomic impacts 1 items
mortgage distress 1 items
mortgage loans 1 items
mortgage markets 1 items
neighborhood change 1 items
net worth 1 items
output 1 items
production networks 1 items
projections 1 items
recovery 1 items
residential instability 1 items
safety net 1 items
school finance 1 items
skills 1 items
small business 1 items
stochastic volatility 1 items
student loans 1 items
subprime boom 1 items
taxes 1 items
tepid recovery 1 items
wealth effects 1 items
show more (216)
show less