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Keywords:Labor supply 

Why do Americans work so much more than Europeans?

Americans now work 50 percent more than do the Germans, French, and Italians. This was not the case in the early 1970s when the Western Europeans worked more than Americans. In this paper, I examine the role of taxes in accounting for the differences in labor supply across time and across countries, in particular, the effective marginal tax rate on labor income. The population of countries considered is that of the G-7 countries, which are major advanced industrial countries. The surprising finding is that this marginal tax rate accounts for the predominance of the differences at points in ...
Staff Report , Paper 321

Journal Article
Tighter labor markets?

FRBSF Economic Letter

Discussion Paper
Relationship between labor-income risk and average return: empirical evidence from the Japanese stock market

In Japan, as in the United States, stocks that are more sensitive to changes in the monthly growth rate of labor income earn a higher return on average. Whereas the stock-index beta can only explain 2 percent of the cross-sectional variation in the average return on stock portfolios, the stock-index beta and the labor-beta together explain 75 percent of the variation. We find that the labor-beta drives out the size effect but not the book-to-market-price effect that is documented in the literature. We explore the extent to which these results are an artifact of seasonal patterns in ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 117

Social Security, benefit claiming, and labor force participation: a quantitative general equilibrium approach

We build a general equilibrium model of overlapping generations that incorporates endogenous saving, labor force participation, work hours, and Social Security benefit claims. Using this model, we study the impact of three Social Security reforms: 1) a reduction in benefits and payroll taxes; 2) an increase in the earliest retirement age, to sixty-four from sixty-two; and 3) an increase in the normal retirement age, to sixty-eight from sixty-six. We find that a 50 percent cut in the scope of the current system significantly raises asset holdings and the labor input, primarily through higher ...
Staff Reports , Paper 436

Journal Article
The U.S. professional sector: 1950 to 1988

The United States economy, over the course of the twentieth century, has taken on a highly professional cast. By 1988, professional, technical, and kindred workers made up 20 percent or more of the labor force in industries ranging from health care and education, to high tech manufacturing and business services, to government and entertainment. In terms of international competitiveness, income per worker, and technical advance, this group of professionalized industries forms perhaps the most successful sector of the U.S. economy. ; This article provides an overview of the professionalization ...
New England Economic Review , Issue Jan , Pages 37-55

Structural change and cyclicality of the auto industry

Chicago Fed Letter

Journal Article
Recent declines in work and income among men with disabilities

FRBSF Economic Letter

Working Paper
The supply of skilled labor and skill-based technological progress

Rising inequality in the relative wages of skilled and unskilled labor is often attributed to skill-biased technological progress. This paper presents a model in which the adoption of skill-biased or "unskilled-biased" technologies is endogenous. Conventional wisdom states that an increase in the supply of skilled labor lowers the relative wage of skilled to unskilled labor. In this paper, an increase in the supply of skilled labor leads to temporary stagnation in the wages of unskilled workers and an expanding gap between the wages of skilled and unskilled workers through an acceleration ...
Finance and Economics Discussion Series , Paper 1997-45

Working Paper
Optimal monetary policy and alternative wage indexation schemes in a model with interest-sensitive labor supply

Finance and Economics Discussion Series , Paper 21



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