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Working Paper
Choosing a Control Group for Displaced Workers

The vast majority of studies on the earnings of displaced workers use a control group of continuously employed workers to examine the effects of initial displacements. This approach implies long-lived earnings reductions following displacement even if these effects are not persistent, overstating the losses relative to the true average treatment effect. This paper?s approach isolates the impact of an average displacement without imposing continuous employment on the control group. In a comparison of the standard and alternative approaches using PSID data, the estimated long-run earnings ...
Working Papers (Old Series) , Paper 1605

Workforce skills across the urban-rural hierarchy

This paper examines differences in the skill content of work throughout the United States, ranging from densely populated city centers to isolated and sparsely populated rural areas. To do so, we classify detailed geographic areas into categories along the entire urban-rural hierarchy. An occupation-based cluster analysis is then used to measure the types of skills available in the regional workforce, which allows for a broader measure of human capital than is captured by conventional measures. We find that the occupation clusters most prevalent in urban areas?scientists, engineers, and ...
Staff Reports , Paper 552

Discussion Paper
The Indirect Costs of Lehman’s Bankruptcy

In our previous post, we assessed losses to customers and clients from foregone opportunities after Lehman Brothers filed for bankruptcy in September 2008. In this post, we examine losses to Lehman and its investors in anticipation of bankruptcy. For example, if bankruptcy is expected, Lehman’s earnings may decline as customers close their accounts or certain securities (such as derivatives) to which Lehman is a counterparty may lose value. We estimate these losses by analyzing Lehman’s earnings and stock, bond, and credit default swap (CDS) prices.
Liberty Street Economics , Paper 20190117

Working Paper
Estimating Occupation- and Location-Specific Wages over the Life Cycle

In this paper we develop a novel method to project location-specific life-cycle wages for all occupations listed in the Occupational Outlook Handbook from the U.S. Bureau of Labor Statistics. Our method consists of two steps. In the first step, we use individual-level data from the Current Population Survey to estimate the average number of years of potential labor market experience that is associated with each percentile of the education-level specific wage distribution. In the second step, we map this estimated average years of experience to the wage-level percentiles reported in the ...
FRB Atlanta Working Paper , Paper 2021-15a

Working Paper
How Important Is Health Inequality for Lifetime Earnings Inequality?

Using a dynamic panel approach, we provide empirical evidence that negative health shocks reduce earnings. The effect is primarily driven by the participation margin and is concentrated in less educated individuals and those with poor health. We build a dynamic, general equilibrium, life cycle model that is consistent with these findings. In the model, individuals whose health is risky and heterogeneous choose to either work, or not work and apply for social security disability insurance (SSDI). Health affects individuals’ productivity, SSDI access, disutility from work, mortality, and ...
FRB Atlanta Working Paper , Paper 2021-1

Commercial Banks in District, Nation Finish 2021 in Strong Position

Banks continued their rebound, posting satisfactory earnings and asset quality measures well above industry benchmarks.
On the Economy

Discussion Paper
Teacher Wages and Purchasing Power in the Fifth District

Teacher pay is notorious for being low considering teachers' vital role educating young people and preparing them for lifelong learning. At a national level, the difference between teachers' average wages and those of other college graduates has been growing over the past 25 years. But aggregate statistics obscure local variation in teacher wages. As seen in a recent District Digest article on resolving the gap in teacher supply, teachers' starting salaries vary throughout the Fifth District.
Regional Matters

Working Paper
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 ...
Working Papers (Old Series) , Paper 1514

Racial Equity Could Produce Widespread Economic Gains

An analysis suggests that racial and ethnic equity in employment, hours worked, education and earnings could expand U.S. GDP by trillions of dollars.
Economic Equity Insights

Preferences and biases in educational choices and labor market expectations: shrinking the black box of gender

Standard observed characteristics explain only part of the differences between men and women in education choices and labor market trajectories. Using an experiment to derive students' levels of overconfidence, and preferences for competitiveness and risk, this paper investigates whether these behavioral biases and preferences explain gender differences in college major choices and expected future earnings. In a sample of high-ability undergraduates, we find that competitiveness and overconfidence, but not risk aversion, are systematically related with expectations about future earnings: ...
Staff Reports , Paper 627


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