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Keywords:Human capital 

Working Paper
Does Intergenerational Mobility Increase Corporate Profits?

We find that firms located in areas with higher intergenerational mobility are more profitable. Building off the work of Chetty and Hendren (2018a and 2018b)?who provide measures of intergenerational mobility for all commuting zones (essentially, metropolitan areas) within the U.S.?we are the first to show the positive association between intergenerational mobility and corporate profitability. Our regressions compare firms in the same industry at the same point in time and fully control for time-varying state-level shocks. As such, our findings cannot be explained by either differences in ...
Finance and Economics Discussion Series , Paper 2019-081

Working Paper
Determinants of long-run labor productivity growth: a selective survey with some new empirical results

Using cross-country data, we review the empirical evidence concerning long-term labor and total factor productivity growth. We find that the conclusions one can draw from cross-country data are surprisingly modest. Nevertheless, we confirm the crucial role for physical capital accumulation in enhancing labor productivity growth and develop a role for human capital in an endogenous growth framework. We also find that the performances of so-called "ancillary variables" are rather insignificant in the presence of proxies for physical and human capital stocks.
Working Papers in Applied Economic Theory , Paper 94-17

Journal Article
Can young Americans compete in a global economy?

Young Americans have to compete for jobs not only with other Americans but also with qualified job-seekers worldwide. Are they ready for the challenge? This Letter sheds new light on the question by analyzing data from the International Adult Literacy Survey (IALS).
FRBSF Economic Letter

Conference Paper
Human capital and economic growth

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Human resources needs in the evolving financial sector

As banks, securities houses, and insurance companies offer increasingly similar services, how have their human resource needs changed? An analysis of survey data reveals that all three industries have come to rely more heavily on high-skilled labor; however, the educational and occupational profiles of their workforces have not become substantially more alike.
Current Issues in Economics and Finance , Volume 3 , Issue Nov

Journal Article
Human capital and higher education: how does our region fare?

The number of people in a given state or region with a college education varies across the nation. States in the Third Federal Reserve District (Pennsylvania, New Jersey, and Delaware) compare favorably with the nation on measures of college education and the three states as a whole are close to the national average. Despite its average ranking in educational attainment, the area is a premier location for colleges and universities. In ?Human Capital and Higher Education: How Does Our Region Fare?? Tim Schiller evaluates the region?s standing with respect to college education by reviewing data ...
Business Review , Issue Q1 , Pages 16-26

Report
Tax smoothing with redistribution

We study optimal labor and capital taxation in a dynamic economy subject to government expenditure and aggregate productivity shocks. We relax two assumptions from Ramsey models: that a representative agent exists and that taxation is proportional with no lump-sum tax. In contrast, we capture a redistributive motive for distortive taxation by allowing privately observed differences in relative skills across workers. We consider two scenarios for tax instruments: (i) taxation is linear with arbitrary intercept and slope; and (ii) taxation is non-linear and unrestricted as in Mirrleesian ...
Staff Report , Paper 365

Working Paper
A Day Late and a Dollar Short : Liquidity and Household Formation among Student Borrowers

The federal government encourages human capital investment through lending and grant programs, but resources from these programs may also finance non-education activities for students whose liquidity is otherwise restricted. This paper explores this possibility, using administrative data for the universe of federal student loan borrowers linked to tax records. We examine the effects of a sharp discontinuity in program limits?generated by the timing of a student borrower?s 24th birthday?on household formation early in the lifecycle. After demonstrating that this discontinuity induces a jump in ...
Finance and Economics Discussion Series , Paper 2018-025

Working Paper
Human capital in the inner city

Black males in the United States are exposed to tremendous violence at young ages: In the NLSY97 26 percent report seeing someone shot by age 12, and 43 percent by age 18. This paper studies how this exposure to violence and its associated social isolation affect education and labor market outcomes. I use Elijah Anderson?s ethnographic research on the ?code of the street? to guide the specification of a model of human capital accumulation that includes street capital, the skills and knowledge useful for providing personal security in neighborhoods where it is not provided by state ...
Working Papers (Old Series) , Paper 1302

Working Paper
An economic interpretation of suicide cycles in Japan

Suicide rates in Japan have increased dramatically in recent years, making. Japan?s male rate the highest among developed economies. This study revises the standard economic model of suicide to accommodate Japan?s experience, focusing on the change in human capital for the unemployed. We then use the new model and de-trended data to empirically investigate the relationship between the suicide cycle and the unemployment cycle. Unlike previous aggregate time series studies, we find that the relationship between the suicide rate and the unemployment rate is significantly and robustly positive ...
Working Papers , Paper 0603

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