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U. S. labor supply and demand in the long run
In this paper we model U.S. labor supply and demand in considerable detail in order to capture the enormous heterogeneity of the labor force and its evolution over the next 25 years. We represent labor supplies for a large number of demographic groups as responses to prices of leisure and consumption goods and services. The price of leisure is an after-tax wage rate, while the final prices of goods and services reflect the supply prices of the industries that produce them. By including demographic characteristics among the determinants of household preferences, we incorporate the expected ...
Labor supply in the new century
To explore the labor-supply trends that will affect economic policymaking in the twenty-first century, the Federal Reserve Bank of Boston chose "Labor Supply in the New Century? as the theme for its 52nd Annual Economic Conference held in June 2007. The conference?s six papers and its keynote address by Eugene Steuerle provide a broad overview of the quantity and quality implications of labor-supply trends.
Structural demand shifts and potential labor supply responses in the new century
It is widely recognized that inequality of labor market earnings in the United States grew dramatically in recent decades. Over the course of more than three decades, wage growth was weak to nonexistent at the bottom of the distribution, strong at the top of the distribution, and modest at the middle. While real hourly earnings of workers in the bottom 30 percent of the earnings distribution rose by no more than 10 percentage points, earnings of workers at the 90th percentile rose by more than 40 percentage points. What is much less widely known, however, is that this smooth, monotone growth ...
Public policy and the labor supply of older Americans
Most of the papers prepared for this conference make clear the desirable economic effects if older Americans worked longer and spent fewer years in retirement. Despite a small upturn in labor market participation by older workers in recent years, there is substantial room for significantly greater movement in this direction. The public policy framework is a major determinant of when Americans decide to retire. Both workers and employers take some account of the rules related to retirement that are present in the Social Security laws, tax laws, and regulations governing private pension plans ...
Closed for the holiday: the bank holiday of 1933
Recaps events leading to the collapse of American banking in March 1933 and describes federal efforts to restore public confidence.
U. S. labor supply in the twenty-first century
The American labor force will be transformed as the twenty-first century unfolds, a change that will confront policymakers and business firms with new challenges and new opportunities. The impending slowdown of labor force growth that will accompany the retirement of the baby boom generation already is playing a central role in national debates over the future solvency of Social Security and Medicare, as well as U.S. immigration policies. But labor supply changes will be influenced by other dimensions as well. In the coming decades, American workers are likely to be, on average, older and ...
The effect of population aging on aggregate labor supply in the United States
Output growth is determined by growth in labor productivity and growth in labor input. Over the past two decades, technological developments have changed how many economists think about growth in labor productivity. However, in the coming decades, the aging of the population will change how economists think about the growth in labor input in the United States. As the oldest baby boomers born in 1946 turned 50, then 55, and then 60, an important economic change has slowly surfaced: these people have become less likely to participate in the labor force. While this shift was obscured by a labor ...
Cyclical movements along the labor supply function
A consensus in macroeconomics holds that the observed higher-frequency movements in employment and hours of work are movements along a labor-supply function caused by shifts of the labor demand function. Recent theoretical thinking has extended this view to include fluctuations in unemployment, so that macroeconomists can speak coherently of movements along an unemployment function caused by shifts in labor demand.