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Why Human Capital Matters Why Human Capital Matters
Monge-Naranjo, Alexander (2020-10-13)
An economist at the St. Louis Fed discusses the growing importance of human capital in determining a nation’s income.
On the Economy

Working Paper
Firms as Learning Environments: Implications for Earnings Dynamics and Job Search
Gregory, Victoria (2023-09)
This paper demonstrates that heterogeneity in firms' promotion of human capital accumulation is an important determinant of life-cycle earnings inequality. To arrive at this finding, I develop a life-cycle search model with heterogeneous workers and firms. In the model, a worker's earnings can grow through both human capital accumulation and labor market competition channels. Human capital growth depends on both the worker's ability and the firm's learning environment. I apply the model to administrative micro data from Germany. While bringing the model to the data, I find evidence of ...
Working Papers , Paper 2020-036

Working Paper
Family Economics Writ Large
Greenwood, Jeremy; Vandenbroucke, Guillaume; Guner, Nezih (2016-11-01)
Powerful currents have reshaped the structure of families over the last century. There has been (i) a dramatic drop in fertility and greater parental investment in children; (ii) a rise in married female labor-force participation; (iii) a significant decline in marriage and a rise in divorce; (iv) a higher degree of positive assortative mating; (v) more children living with a single mother; (vi) shifts in social norms governing premarital sex and married women's roles in the workplace. Macroeconomic models explaining these aggregate trends are surveyed. The relent-less flow of technological ...
Working Papers , Paper 2016-26

Working Paper
Firms as Learning Environments: Implications for Earnings Dynamics and Job Search
Gregory, Victoria (2021-01-28)
This paper demonstrates that heterogeneity in firms’ promotion of human capital accumulation is an important determinant of life-cycle earnings inequality. I use administrative micro data from Germany to show that different establishments offer systematically different earnings growth rates for their workers. This observation suggests that that the increase in inequality over the life cycle reflects not only inherent worker variation, but also differences in the firms that workers happen to match with over their lifetimes. To quantify this channel, I develop a life-cycle search model with ...
Working Papers , Paper 2020-036

Working Paper
The Great Migration and Educational Opportunity
Baran, Cavit; Chyn, Eric; Stuart, Bryan (2022-02-08)
This paper studies the impact of the First Great Migration on children. We use the complete count 1940 Census to estimate selection-corrected place effects on education for children of Black migrants. On average, Black children gained 0.8 years of schooling (12 percent) by moving from the South to the North. Many counties that had the strongest positive impacts on children during the 1940s offer relatively poor opportunities for Black youth today. Opportunities for Black children were greater in places with more schooling investment, stronger labor market opportunities for Black adults, more ...
Working Papers , Paper 22-04

Discussion Paper
College May Not Pay Off for Everyone
Abel, Jaison R.; Deitz, Richard (2014-09-04)
In our recent Current Issues article and blog post on the value of a college degree, we showed that the economic benefits of a bachelor’s degree still far outweigh the costs. However, this does not mean that college is a good investment for everyone. Our work, like the work of many others who come to a similar conclusion, is based in large part on the empirical observation that the average wages of college graduates are significantly higher than the average wages of those with only a high school diploma. However, not all college students come from Lake Wobegon, where “all of the children ...
Liberty Street Economics , Paper 20140904b

Discussion Paper
What Works at Scale? A Framework to Scale Up Workforce Development Programs
Ruder, Alexander (2019-08-01)
Workforce development policymakers have access to a growing catalog of training programs evaluated with rigorous randomized controlled trials. This evidence base identifies programs that work in specific geographic and temporal contexts but may not necessarily work in other contexts or at a scale sufficient to meet regional workforce needs. The author examines a sample of recent randomized controlled trials of workforce development programs and reports to what extent this body of evidence informs policymakers about what works at scale. The author finds that most programs are implemented at a ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2019-1

Working Paper
Human Capital Dynamics and the U.S. Labor Market
Fang, Lei; Nie, Jun (2014-02-01)
The high U.S. unemployment rate after the Great Recession is usually considered to be a result of changes in factors influencing either the demand side or the supply side of the labor market. However, no matter what factors have caused the changes in the unemployment rate, these factors should have influenced workers' and firms' decisions. Therefore, it is important to take into account workers' endogenous responses to changes in various factors when seeking to understand how these factors affect the unemployment rate. To address this issue, we estimate a Mortensen-Pissarides style of ...
FRB Atlanta Working Paper , Paper 2014-2

Working Paper
Training and Search on the Job
Lentz, Rasmus; Roys, Nicolas (2015-10-30)
The paper studies human capital accumulation over workers? careers in an on the job search setting with heterogenous firms. In renegotiation proof employment con- tracts, more productive firms provide more training. Both general and specific training induce higher wages within jobs, and with future employers, even conditional on the future employer type. Because matches do not internalize the specific capital loss from employer changes, specific human capital can be over-accumulated, more so in low type firms. While validating the Acemoglu and Pischke (1999) mechanisms, the analysis ...
Working Papers , Paper 2016-25

Discussion Paper
Racial Discrimination in Child Protective Services
Emanuel, Natalia; Baron, E. Jason; Doyle, Joseph J.; Hull, Peter (2023-10-16)
Childhood experiences have an enormous impact on children’s long-term societal contributions. Experiencing childhood maltreatment is associated with compromised physical and mental health, decreased educational attainment and future earnings, and increased criminal activity. Child protective services is the government’s way of endeavoring to protect children. Foster care consequently has large potential effects on a child’s future education, earnings, and criminal activity. In this post, we draw on a recent study to document disparities in the likelihood that children of different races ...
Liberty Street Economics , Paper 20231016

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