Employment in STEM occupations suffered smaller peak-to-trough percentage declines than non-STEM occupations during the Great Recession and COVID-19 recession, suggesting a relative resiliency of STEM employment. We exploit the sudden peak-to-trough declines in STEM and non-STEM employment...

We follow the labor market outcomes of applicants who were randomized into job training a year and a half before the pandemic through the subsequent economic turmoil that resulted from COVID-19. Despite persistently improved labor market outcomes of training participants prior to March 2020, we...

This paper examines the impact of late-career investment returns and job loss on subsequent retiree well-being. Specifically, we explore whether there is a link between the income of retirees aged 70 to 79 and the stock market and labor market conditions that existed around the time of their...

From the perspective of a wide range of labor market outcomes, the recession that began in 2007 represents the deepest downturn in the postwar era. Early on, the nature of labor market adjustment displayed a notable resemblance to that observed in past severe downturns. During the latter half of...

Research linking economic conditions and health largely ignores children's mental health problems, which are the most common and consequential health issues for children and adolescents. We examine the effects of unemployment rates and housing prices on child and adolescent mental health and use...

This paper investigates the impact of economics conditions (carrots) and sanctions (sticks) on murder, assault, robbery, burglary and motor vehicle theft in New York City, using monthly time-series data spanning 1974-1999. Carrots are measured by the unemployment rate and the real minimum wage;...

Social welfare programs in the United States are designed to serve as safety nets for people in hard times, in contrast with the universal approach found in many other developed western nations. In a survey of Cliometric studies of social welfare programs in the U.S., we examine the variation in...

We document a new fact about expectations: in response to the main shocks driving the business cycle, expectations underreact initially but overshoot later on. We show how previous, seemingly conflicting, evidence can be understood as different facets of this fact. We finally explain what the...

We examine the cross-country dispersion in fiscal outcomes during 2007-2009. In principle, international differences in fiscal policy may be related to differences in optimal fiscal positions, funding constraints, political economy factors and fiscal control problems. We find that the decline in...

Job polarization refers to the shrinking share of employment in middle-skill, routine occupations experienced recently, over the last 35 years. Jobless recoveries refers to the slow rebound in aggregate employment following recent recessions, despite recoveries in aggregate output. We show how...