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Working Paper
Bundling Time and Goods: Implications for Hours Dispersion
Fang, Lei; Silos, Pedro; Hannusch, Anne (2020-01-01)
We document the large dispersion in hours worked in the cross-section. We account for this fact using a model in which households combine market inputs and time to produce a set of nonmarket activities. To estimate the model, we create a novel data set that pairs market expenditures and time use at the activity level using data from the Consumer Expenditure Survey and the American Time Use Survey, respectively. The estimated model can account for a large fraction of the dispersion of hours worked in the data. The substitutability between market inputs and time within an activity and across a ...
FRB Atlanta Working Paper , Paper 2020-1

Working Paper
Impact of first-birth career interruption on earnings: evidence from administrative data
Walker, Mary Beth; Pitts, M. Melinda; Hotchkiss, Julie L. (2014-11-01)
This paper uses unique administrative data to expand the understanding of the role women's intermittency decisions play in the determination of their wages. We demonstrate that treating intermittency as exogenous significantly overstates its impact. The intermittency penalty also increases in the education level of the woman. The penalty for a woman with a high school degree with an average amount of intermittency during six years after giving birth to her first child is roughly half the penalty for a college graduate. We also demonstrate the value of using an index to capture multiple ...
FRB Atlanta Working Paper , Paper 2014-23

Speech
Bridging the Skills Gap
Williams, John C. (2022-10-21)
Remarks at the “Skilling the Gap: Building Local Talent for In-Demand Careers,” Columbia-Greene Community College, Hudson, New York.
Speech

Working Paper
Labor Market Effects of Credit Constraints: Evidence from a Natural Experiment
Kumar, Anil; Liang, Che-Yuan (2019-05-16)
We exploit the 1998 and 2003 constitutional amendment in Texas—allowing home equity loans and lines of credit for non-housing purposes—as natural experiments to estimate the effect of easier credit access on the labor market. Using state-level as well as micro data and the synthetic control approach, we find that easier access to housing credit led to a notably lower labor force participation rate between 1998 and 2007. We show that our findings are remarkably robust to improved synthetic control methods based on insights from machine learning. We explore treatment effect heterogeneity ...
Working Papers , Paper 1810

Working Paper
The supply side of discrimination: evidence from the labor supply of Boston taxi drivers
Jackson, Osborne (2018-06-01)
This paper investigates supply-side discrimination in the labor market for Boston taxi drivers. Using data on millions of trips from 2010?2015, I explore whether the labor supply behavior of taxi drivers differs by the gender, racial/ethnic, or age composition of Boston neighborhoods. I find that disparities in shift hours due to neighborhood demographics exist even when differences in local earnings opportunities are taken into account. I observe heterogeneity in the amount that drivers discriminate and find that this discrimination is primarily statistical rather than taste-based. As ...
Working Papers , Paper 18-2

Working Paper
The Effect of Fertility on Mothers’ Labor Supply over the Last Two Centuries
Jordan, Andrew; Schulze, Karl; Samii, Cyrus; Dehejia, Rajeev; Pop-Eleches, Cristian (2017-09-17)
This paper documents the evolving impact of childbearing on the work activity of mothers. Based on a compiled dataset of 441 censuses and surveys between 1787 and 2015, representing 103 countries and 48.4 million mothers, we document three main findings: (1) the effect of fertility on labor supply is small and typically indistinguishable from zero at low levels of development and economically large and negative at higher levels of development; (2) this negative gradient is remarkably consistent across histories of currently developed countries and contemporary cross-sections of countries; and ...
Working Paper Series , Paper WP-2017-14

Working Paper
The Cross-Section of Labor Leverage and Equity Returns
Donangelo, Andres; Gourio, François; Kehrig, Matthias; Palacios, Miguel (2017-09-04)
Using a standard production model, we demonstrate theoretically that, even if labor is fully flexible, it generates a form of operating leverage if (a) wages are smoother than productivity and (b) the capital-labor elasticity of substitution is strictly less than one. Our model supports using labor share?the ratio of labor expenses to value added?as a proxy for labor leverage. We show evidence for conditions (a) and (b), and we demonstrate the economic significance of labor leverage: High labor-share firms have operating profits that are more sensitive to shocks, and they have higher expected ...
Working Paper Series , Paper WP-2017-22

Working Paper
Comparative Advantage and Moonlighting
Fuller, David L.; Vandenbroucke, Guillaume; Auray, Stéphane (2019-05-24)
The proportion of multiple jobholders (moonlighters) is negatively correlated with productivity (wages) in cross-sectional and time series data, but positively correlated with education. We develop a model of the labor market to understand these seemingly contradictory facts. An income e?ect explains the negative correlation with productivity while a comparative advantage of skilled workers explains the positive correlation with education. We provide empirical evidence of the comparative advantage in CPS data. We calibrate the model to 1994 data on multiple jobholdings, and assess its ability ...
Working Papers , Paper 2019-16

Working Paper
Human Capital and Long-Run Labor Income Risk
Chyruk, Olena; Benzoni, Luca (2013-11-19)
This review article examines the role of labor income risk in determining the value of a person?s human capital. We draw on the existing literature to present a model that incorporates various types of shocks to earnings. Within this framework, we highlight the implications of different assumptions about the correlation between market returns and labor income growth for the value of human capital and its riskiness. Further, the article surveys other work that applies similar ideas to assess the value and risk of pension promises. Finally, we discuss how to enrich the environment with ...
Working Paper Series , Paper WP-2013-16

Working Paper
Dissecting the Great Retirement Boom
Birinci, Serdar; Faria-e-Castro, Miguel; See, Kurt (2024-07)
Between 2020 and 2023, the fraction of retirees in the working-age population in the U.S. increased above its pre-pandemic trend. Several explanations have been proposed to rationalize this gap, such as the rise in net worth due to higher asset returns, the labor market's deterioration due to higher unemployment risk, the expansion of fiscal support programs, and increased mortality risk. We quantitatively study the interaction of these factors and decompose their relative contribution to the recent rise in retirements using an incomplete markets, overlapping generations model with a ...
Working Papers , Paper 2024-017

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