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Journal Article
US Labor Market after COVID-19: An Interim Report
Headline numbers have shown that the US labor market has recovered the jobs lost during the pandemic. Nevertheless, there is significant variation in the recovery across states and counties and across occupations and industries. Using the available data from the monthly Current Population Survey and the Bureau of Labor Statistics’ State and Metro Area Employment, Hours, and Earnings for January 2019 to August 2022, we present the changing patterns in the labor market. We also highlight some possible underlying reasons that are correlated with the varying patterns across groups and space. ...
Discussion Paper
Was the 2021-22 Rise in Inflation Equitable?
In our previous post, we discussed how the labor market recovery—the “maximum employment” half of the Federal Reserve System’s dual mandate—featured not only a return of overall employment rates to pre-pandemic levels, but also a narrowing of racial and ethnic gaps in employment rates. In this post, we take up the second half of the dual mandate—price stability—and discuss heterogeneity in inflation rates faced by different demographic groups during the rise in inflation in2021-22. We find that, in contrast to inequalities in employment rates, disparities in inflation rates have ...
Briefing
How Did Pandemic UI Benefits Affect Employment Recovery in Local Industry Markets?
We analyze the employment recovery of low-wage establishments relative to the employment recovery of high-wage establishments within local labor markets, and we find a slower recovery in low-wage establishments. We associate the difference with the expanded generosity of pandemic unemployment insurance (UI) supplements, which have a larger negative effect on the job-filling rate of low-paying establishments. We use a model of labor search to translate our establishment-level observations into a disincentive effect of pandemic UI benefits at the worker level.
Journal Article
President's Message: A Shift in the Inflation Winds?
At the Fed, a lot of work has gone into anchoring inflation expectations in recent decades. As a result, our economy has seen, from the early 1980s until last year, an era of remarkably low and stable inflation — sometimes called "the Great Moderation."
Journal Article
The Allocation of Immigrant Talent in the United States
Immigrants account for close to 20% of the U.S. labor force, but they often do not have an easy time navigating U.S. labor markets.
Working Paper
Monetary Policy with Racial Inequality
I develop a heterogeneous-agent New-Keynesian model featuring racial inequality in income and wealth, and studies interactions between racial inequality and monetary policy. Black and Hispanic workers gain more from accommodative monetary policy than White workers mainly due to higher labor market risks. Their gains are larger also because of a larger proportion of them are hand-to-mouth, while wealthy White workers gain more from asset price appreciation. Monetary and fiscal policies are substitutes in providing insurance against cyclical labor market risks. Racial minorities gain even more ...
Speech
Calibrating Policy in an Uncertain Time
Remarks delivered at Salt Lake Chamber, Salt Lake City, UT, April 12, 2023, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco.
Speech
Remarks at the Women’s Leadership Conference with the Vermont Bankers Association
The speech touched on three topics: 1) the economy and monetary policy; 2) the Boston Fed; and 3) thoughts on leadership challenges and opportunities, especially for women.
Briefing
Unemployment Changes as Recession Indicators
After the rapid recovery from the COVID-induced 2020 recession, U.S. economic activity has slowed in 2022, but labor markets have remained strong, and the unemployment rate is at historically low levels. This Economic Brief reviews the evidence on changes in unemployment as a coincident indicator for the start of recessions. I find that changes in unemployment are good indicators of recessions, in particular when combined with lagged term spreads, which are good recession predictors at the one-year horizon but not reliable at short horizons.
Briefing
Networks, Innovation and Productivity: A Conference Recap
How do employment targets affect firm dynamics? What is the relationship between inventor migration, and local productivity and knowledge spillovers? How are surplus gains from inventions distributed? These were among the questions addressed by economists during a recent Richmond Fed research conference.Economists from the Richmond Fed, research universities and other institutions met in Richmond for a conference in May. Researchers presented papers on a variety of topics, including digital advertising, R&D allocation, production networks, and knowledge creation and diffusion.