Labour Economics is devoted to publishing international research on empirical, theoretical and econometric topics that are of particular interest to labour economists. In particular, Labour Economics gives due recognition to solid empirical work with a strong economic interpretation Apr 14, · 98 posts on "Labor Economics" April 14, What Is behind the Global Jump in Personal Saving during the Pandemic? Matthew Higgins and Thomas Klitgaard. Household saving has soared in the United States and other high-income countries during the COVID pandemic, despite widespread declines in wages and other private income streams. This post This course aims to acquaint students with traditional and contemporary topics in labor economics and to encourage the development of independent research interests. The class provides a systematic development of the theory of labor supply, labor demand, and human capital
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Household saving has soared in the United States and other high-income countries during the COVID pandemic, despite widespread declines in wages and other private income streams, labor economics. This post highlights the role of fiscal policy in driving the saving boom, through stepped-up social benefits and other income labor economics measures.
Indeed, in the United States, Japan, and Canada, government labor economics has pushed household income above its pre-pandemic trajectory. We argue that the larger scale of government assistance in these countries helps explain why saving in these countries has risen more strongly than in the euro area. Going forward, how freely households spend out of their newly accumulated savings will be a key factor determining labor economics strength of economic recoveries.
David Dam, labor economics, Meghana Gaur, Fatih Karahan, Laura Pilossoph, labor economics, and Will Schirmer. The ongoing COVID pandemic and the various measures put in place to contain it caused a rapid deterioration in labor market conditions for many workers and plunged the nation into recession.
The unemployment labor economics increased dramatically during the COVID recession, rising from 3. While the subsequent labor market recovery in the aggregate has exceeded even some of the most optimistic scenarios put forth soon after this dramatic rise, this recovery has been markedly weaker for the Black population, labor economics. In this post, we document several striking differences in labor market outcomes by race and use Current Population Survey CPS data to better understand them.
The introduction of labor economics social distancing policies across the United States, combined with voluntary pullbacks in activity as responses to the COVID outbreak, labor economics in differences emerging in the types of work that were done from home and those that were not, labor economics. Workers at businesses more likely to require in-person labor economics example, labor economics, some, but not all, workers in healthcare, retail, agriculture and construction—continued to come in on a regular basis.
In contrast, workers in many other businesses, such as IT and finance, were generally better able to switch to working from home rather than commuting daily to work, labor economics. In this post, we aim to understand whether following the onset of the pandemic there was a wedge in the incidence of commuting for work across income and race.
And how did this difference, if any, change as the economy slowly labor economics We take advantage of a unique data source, SafeGraph cell phone data, to identify workers who continued labor economics commute to work in low income versus higher income and majority-minority MM versus other counties.
In addition to its terrible human toll, the COVID pandemic has also caused massive disruption in labor markets, labor economics. In the United States alone, more than 25 million people lost their jobs during the first wave of the pandemic. While many have returned to work since labor economics, a large number have remained unemployed for a prolonged period of time. The number of long-term unemployed defined as those jobless for twenty-seven weeks or longer has surged from 1.
An important concern is that the long-term unemployed face worse employment prospects, but prior work has provided no consensus on what drives this decline in employment prospects.
This post discusses new findings using data on elicited beliefs of unemployed job seekers to uncover the forces driving long-term unemployment. Many students are reconsidering their decision to go to college in the fall due to the coronavirus pandemic. Indeed, college enrollment is expected to be down sharply as a growing number of would-be college students consider taking a gap year.
In addition, poor labor market prospects due to staggeringly high unemployment may be leading labor economics to conclude that college is no longer worth it in this economic environment.
In this post, we provide an economic perspective on going to college during the pandemic. Perhaps surprisingly, we find that the return to college actually increases, largely because the opportunity cost of attending school has declined. Furthermore, labor economics, we show there are sizeable hidden costs labor economics delaying college labor economics erode the value of a college degree, even in the current economic environment.
In fact, we estimate that taking a gap year reduces the return to college by a quarter and can cost tens of thousands of dollars in lost lifetime earnings. Across the United States, the cost of all types of higher education has been rising faster than overall inflation for more than two decades.
Despite rising costs, aggregate undergraduate enrollment rose steadily between labor economics before leveling off and labor economics slightly to its current level. Rising college costs have steadily increased dependence on student debt for college financing, with many students and parents turning to federal and private loans to pay for higher education, labor economics.
An earlier post in this series reported that borrowers in majority Black areas have higher student loan balances and rates of default than those in both majority white and majority Hispanic areas.
In this post, we study how differences in college attendance rates and in the types of colleges attended generate heterogeneity in loan experiences. Specifically, labor economics, using nationwide data, labor economics, we analyze heterogeneities in college-going and heterogeneities in student debt and default experiences by college type across individuals living in majority Black, majority Hispanic, and majority white zip codes. This analysis identifies the types of workers bearing the highest cost from social distancing practices—an issue of great relevance for policymakers trying to address the fallout from the COVID pandemic.
Displaced workers have been shown to endure persistent losses years beyond their initial job separation events.
These losses are especially amplified during recessions. In response to COVID, firms with products and services that complement social-distancing like Amazon distribution centers may continue labor economics during and beyond the recovery, while workers displaced from higher risk industries with more stagnant demand for example, labor economics, airport personnel, local retail clerks are left to adjust to unfamiliar job opportunities.
As some industries reopen gradually while others remain labor economics, what role might workforce development programs have in bridging the skill gap such that displaced workers are best prepared for this new reality of work? News headlines highlighting the loss of 26 million jobs so far underscore the massive shock that has hit the U. economy and the dislocation, hardship, and stress it has caused for so many American workers. But how accurately does this number actually capture the number of net job losses?
In this post, we look at some of the statistical anomalies and quirks in the weekly claims series and offer a guide to interpreting these numbers. What we find is that the relationship between jobless claims and payroll employment for the month can vary substantially, labor economics, depending on the nature, labor economics, timing, and persistence of the disaster.
Olivier Armantier, Gizem KoÅŸar, Rachel Pomerantz, Daphne Labor economics, Kyle Smith, Giorgio Topa, and Wilbert van der Klaauw.
In a recent blog post, we showed that consumer expectations worsened sharply through March, as the COVID epidemic spread and affected a growing part of the U, labor economics. In this post, we document how much of this deterioration can be directly attributed to the coronavirus outbreak. We then explore how the effect of the outbreak has varied over time and across demographic groups.
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We reserve the right not to post any comment, labor economics, and will not post comments that are abusive, harassing, obscene, or commercial labor economics nature, labor economics. No notice will be given regarding whether a submission will or will not be posted. Send Us Feedback. The LSE editors ask authors submitting a post to the blog to confirm that they have no conflicts of interest as defined by the American Economic Association in its Disclosure Policy.
If an author has sources of labor economics support or other interests that could be perceived as influencing the research presented in the post, we disclose that fact in a statement prepared by the author and appended to the author information at the end of the post. If the author has no such interests to disclose, no statement is provided.
Note, however, that we do indicate in all cases if a data vendor or other party has a right to review a post. Return to Liberty Street Economics Home Page, labor economics. What Is behind the Global Jump in Personal Saving during the Pandemic? Matthew Higgins and Thomas Klitgaard Household saving has soared in the United States and other high-income countries during the COVID pandemic, despite widespread declines in wages and other private income streams. Continue reading ».
Posted at am in Crisislabor economics, EmploymentEuro AreaInternational EconomicsLabor EconomicsLabor MarketPandemicWages Permalink Comments 0. Black and White Differences in the Labor Market Recovery from COVID David Dam, Meghana Gaur, Fatih Karahan, Laura Pilossoph, and Will Schirmer The ongoing COVID pandemic and the various measures put in place to contain it caused a rapid deterioration in labor market conditions for many workers and plunged the nation into recession.
Posted at am in DemographicsEmploymentHuman Capitallabor economics, InequalityLabor EconomicsLabor economics MarketPandemicRecessionUnemploymentWages Permalink Comments 0. Understanding the Racial and Income Gap in Commuting for Work Following COVID Ruchi Avtar, Rajashri Chakrabarti, and Maxim Pinkovskiy The introduction of numerous social distancing policies across the United States, combined with voluntary pullbacks in activity as responses to the COVID outbreak, resulted in differences emerging in the types of work that were done from home and those that were not.
Posted at am in DemographicsEmploymentHuman CapitalInequalityLabor Economicslabor economics, Labor MarketPandemicUnemploymentWages Permalink Comments 0. Mueller, Johannes Spinnewijn, and Giorgio Topa In addition to its terrible human toll, the COVID pandemic has also caused massive disruption in labor markets. Posted labor economics am in EmploymentExpectationsLabor EconomicsLabor MarketPandemicUnemployment Permalink Comments 0.
Delaying College During the Pandemic Can Be Costly Jaison R. Abel and Richard Deitz Many students are reconsidering their decision to go to college labor economics the fall due to the coronavirus pandemic. Posted at am in EducationEmploymentHuman CapitalLabor EconomicsLabor MarketPandemicStudent LoansUnemploymentWages Permalink Comments 0.
Measuring Racial Disparities in Higher Education and Student Debt Outcomes Rajashri Chakrabarti, William Nober, and Wilbert van der Klaauw Across the United States, the cost of all types of higher education has been rising faster than overall inflation for more than two decades. Posted at am in EducationHousehold FinanceHuman CapitalInequalityLabor EconomicsStudent Loans Permalink Comments 0.
Which Workers Bear the Burden of Social Distancing Policies? Simon Mongey, Laura Pilossoph, and Alexander Weinberg This analysis identifies the types of workers bearing the highest cost from social distancing practices—an labor economics of great relevance for policymakers trying to address the fallout from the COVID pandemic.
Posted at am in Labor EconomicsPandemic Permalink Comments 0, labor economics. Job Training Labor economics and the COVID Recovery: A Cautionary Note from the Great Recession Benjamin G. Hyman and Karen X.
Ni Displaced workers have been shown to endure persistent losses years beyond their initial job separation events, labor economics. Posted at am in EmploymentGreat RecessionHuman CapitalLabor EconomicsLabor MarketPandemicUnemploymentWages Permalink Comments 0. Translating Weekly Jobless Claims into Monthly Net Job Losses Jason Bram and Fatih Karahan News headlines highlighting the loss of 26 million jobs so far underscore the massive shock that has hit the U. Posted at am in EmploymentFinancial MarketsHuman Capitallabor economics, Labor EconomicsLabor MarketPandemicRegional AnalysisUnemployment Permalink Comments 4.
How Widespread Is the Impact of the COVID Outbreak on Consumer Expectations? Olivier Armantier, Gizem KoÅŸar, Rachel Pomerantz, Daphne Skandalis, labor economics, Kyle Smith, Giorgio Topa, and Wilbert van der Klaauw In a recent blog post, we showed that consumer expectations worsened sharply through March, as the COVID epidemic spread and affected a growing part of the U.
Posted at am in ExpectationsHouseholdlabor economics, Household FinanceLabor EconomicsPandemic Permalink Comments 0. More Posts ». RSS Feed Follow Liberty Street Economics. receive email alerts for this page. Balance of Payments Bank Capital Banks Central Bank Corporate Finance COVID Facilities Credit Crisis Crisis Chronicles Cryptocurrencies Currency Current Account Dealers Demographics Dodd-Frank DSGE DSGE-Forecast Economic History Education Employment Euro Area Exchange Rates Expectations Exports Federal Reserve Fed Funds Financial Institutions Financial Intermediation Financial Markets Fire Sale Fiscal Policy FOMC Labor economics Forecasting Foreclosure Great Recession Hey, Economist!
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Labor Economics (Lecture 15)
, time: 42:01Labor Economics I | Economics | MIT OpenCourseWare
labour economics, study of the labour force as an element in the process of production. The labour force comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed who are seeking work. Labour economics involves the study of the factors affecting the efficiency of these workers, their deployment between different industries and One of the most important ideas in labor economics is to think of the set of marketable skills of workers as a form of capital in which workers make a variety of investments. This perspective is important in understanding both investment incentives, and the structure of wages and earnings Apr 14, · 98 posts on "Labor Economics" April 14, What Is behind the Global Jump in Personal Saving during the Pandemic? Matthew Higgins and Thomas Klitgaard. Household saving has soared in the United States and other high-income countries during the COVID pandemic, despite widespread declines in wages and other private income streams. This post
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