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Even before the Great Recession, U.S. employment growth was unimpressive. Between 2000 and 2007, the economy gave back … the considerable gains in employment rates it had achieved during the 1990s, with major contractions in manufacturing … employment being a prime contributor to the slump. The U.S. employment "sag" of the 2000s is widely recognized but poorly …
Persistent link: https://www.econbiz.de/10013048616
greater flexibility in wages, these two countries also exhibit more stable employment behavior over the business cycle. In …
Persistent link: https://www.econbiz.de/10013239186
, fertility and children's living circumstances during 1990-2014. On average, trade shocks differentially reduce employment and …
Persistent link: https://www.econbiz.de/10012962728
less skilled and their employment responses to adverse employment shocks. Following program liberalization in 1984, DI …
Persistent link: https://www.econbiz.de/10013233726
(TFP) that are common across countries. We find that automation displaces employment and reduces labor's share of value …-added in the industries in which it originates (a direct effect). In the case of employment, these own-industry losses are … employment across industries and the aggregate fall in the labor share over the last three decades. It does not, however, explain …
Persistent link: https://www.econbiz.de/10012913781
This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...
Persistent link: https://www.econbiz.de/10013127756
The dollar's depreciation during the early floating rate period, 1973 - 1981, was a symptom of the Great Inflation. In that environment, sterilized foreign exchange interventions were ineffective in halting the dollar's decline, but showed a limited ability to smooth dollar movements. Only after...
Persistent link: https://www.econbiz.de/10013131970
We reassess the effect of state and federal minimum wages on U.S. earnings inequality using two additional decades of data and far greater variation in minimum wages than was available to earlier studies. We argue that prior literature suffers from two sources of bias and propose an IV strategy...
Persistent link: https://www.econbiz.de/10013132486
In this paper we revisit the debate over the role of the banking panics in 1930-33 in precipitating the Great Contraction. The issue hinges over whether the panics were illiquidity shocks and hence in support of Friedman and Schwartz (1963) greatly exacerbated the recession which had begun in...
Persistent link: https://www.econbiz.de/10013132917
The Federal Reserve abandoned foreign-exchange-market intervention because it conflicted with the System's commitment to price stability. By the early 1980s, economists generally concluded that, absent a portfolio-balance channel, sterilized foreign-exchange-market intervention did not provide...
Persistent link: https://www.econbiz.de/10013138323