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Working Paper
Estimating Hysteresis Effects
Furlanetto, Francesco; Lepetit, Antoine; Robstad, Ørjan; Rubio-Ramirez, Juan F.; Ulvedal, Pål (2021-11-09)
In this paper, we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular when the sample includes the Great Recession. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment, although output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-term unemployment and a decline in labor force participation and disproportionately ...
FRB Atlanta Working Paper , Paper 2021-24

Discussion Paper
Is Wall Street the Only Street in New York City?
Hastings, Jonathan; Bram, Jason; Orr, James A. (2012-06-06)
Has Wall Street—the term for the securities industry that symbolizes New York City’s role as a global financial center—become less of a specialty for the city? In this post, we show that while the securities industry continues to play an outsized role in the New York City economy, the city’s job base has become somewhat more diversified since 1990. Diversification can be beneficial, as it makes a local economy less vulnerable to adverse shocks to its key industry. A recent example appears in a post by Bram and Orr showing that with Wall Street in a bit of a slump, nonfinancial ...
Liberty Street Economics , Paper 20120606

Employment Losses in Contact-Intensive Industries
Famiglietti, Matthew; Leibovici, Fernando; Santacreu, Ana Maria (2020-12-03)
The COVID-19 pandemic has had uneven effects on employment across industries. Nonessential contact-intensive industries have experienced the largest job losses.
On the Economy

Briefing
Impact of the COVID-19 Pandemic on New England Homeowners and Renters
Chiumenti, Nicholas (2020-05-18)
Job losses and likely layoffs related to the COVID-19 pandemic will put many New England residents at risk of not being able to pay their mortgage or rent and needing financial assistance and state-government safeguards to remain in their homes. Economic interventions from Congress, primarily through the federal CARES Act, include direct payments to households and increased unemployment insurance benefits that are expected to provide vital support to many of these households for the next three to four months. Even with these efforts, 2 to 3 percent of New England homeowners and 9 to 13 ...
New England Public Policy Center Regional Brief , Paper 2020-02

Speech
An Update on the Economy and the Main Street Lending Program
Rosengren, Eric S. (2020-06-19)
Today I would like to speak with you about the pandemic, its effects on the economy, the implications for Federal Reserve policymaking, and some of the steps that the Fed is taking to address the crisis and mitigate its financial impact on American households and businesses.
Speech

Working Paper
Work from Home After the COVID-19 Outbreak
Bick, Alexander; Blandin, Adam; Mertens, Karel (2020-06-23)
Based on rich novel survey data on almost 5,000 working age adults, we document that 35.2 percent of the workforce worked entirely from home in May 2020, up from 8.2 percent in February 2020. Highly educated, high-income and white individuals were much more likely to shift to remote work and to maintain employment following the virus outbreak. Using available estimates of the potential number of home-based workers suggests that a large majority (71.7 percent) of U.S. workers that could work from home, effectively did so in May. We provide some evidence indicating that apart from the potential ...
Working Papers , Paper 2017

Journal Article
The Employment Effect of an Increase in the National Minimum Wage: Review of International Evidence
Doh, Taeyoung; Van der Meer, Luca (2023-03-09)
Increasing the federal minimum wage gradually and steadily may help minimize negative employment effects.Recent U.S. proposals to increase the federal minimum wage from $7.25 per hour to $15 per hour have not yet come to fruition. One challenge in implementing minimum wage increases is estimating the potential effect on employment. Past increases in the federal minimum wage have been modest and are unlikely to provide much insight into employment effects. International experiences with large minimum wage increases may provide more insight by accounting for greater variation in firm exposure ...
Economic Review , Volume vol. 108 , Issue no. 2 , Pages 15

Speech
Restoring price stability
Logan, Lorie (2023-02-14)
Dallas Fed President Lorie Logan delivered this address on Feb. 14, 2023, at Prairie View A&M University.
Speeches and Essays

Journal Article
Where Are They Now? Workers with Young Children during COVID-19
Pitts, M. Melinda (2021-09-01)
Employment levels for prime-age workers have been greatly reduced during the COVID-19 pandemic. The decline has fallen disproportionately on females, especially compared to past recessions, and the presence of young children is a driving factor in this differential response. This article identifies the impact of gender, young children, and the presence of a spouse on the attachment to employment for individuals who were employed immediately prior to the pandemic. Compared to the Great Recession and the most recent expansionary period in 2019, women with young children have a relatively lower ...
Policy Hub , Volume 2021 , Issue 10

Discussion Paper
Fairfield County Weathers Job Losses in Finance
Bram, Jason (2013-12-30)
Fairfield County, comprising the southwestern corner of Connecticut, is sometimes thought of as an affluent “bedroom community” outside New York City—a place filled with commuters taking home large paychecks. On average, it’s indeed one of the most affluent counties in the United States, with a median household income of $80,000. Yet a fairly small minority of working residents—fewer than one in ten—actually commutes to the Big Apple. Fairfield County has a sizable industry base of its own. In particular, the finance industry, based largely in Stamford and Greenwich, accounts for ...
Liberty Street Economics , Paper 20131230

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