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Author:Daly, Mary C. 

Journal Article
The future of Social Security Disability Insurance

Social Security Disability Insurance is projected to be insolvent before the end of the decade. How best to restore the program to long-term financial health depends on what has been driving its rapid growth. Demographic shifts and other predictable factors explain part of the increase. But a sizable share reflects increasing participation in the program across population groups. Curbing this growth is important for putting the program back on a sustainable fiscal path.
FRBSF Economic Letter

Journal Article
Is it still worth going to college?

Earning a four-year college degree remains a worthwhile investment for the average student. Data from U.S. workers show that the benefits of college in terms of higher earnings far outweigh the costs of a degree, measured as tuition plus wages lost while attending school. The average college graduate paying annual tuition of about $20,000 can recoup the costs of schooling by age 40. After that, the difference between earnings continues such that the average college graduate earns over $800,000 more than the average high school graduate by retirement age.
FRBSF Economic Letter

A New Balancing Act: Monetary Policy Tradeoffs in a Changing World

Remarks at "Inflation Targeting ? Prospects and Challenges", Wellington, New Zealand, sponsored by the Reserve Bank of New Zealand and the International Monetary Fund, Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, August 29, 2019.
Speech , Paper 197

The Last Resort in a Changing Landscape

Presentation to Money Marketeers of New York University Webinar, New York, New York, by Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, Tuesday, April 15, 2021

Steering Toward Sustainable Growth

Presentation to the UNLV Center for Business and Economic Research (CBER) Spring Outlook 2022,April 20, 2022, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco.

Working Paper
Disability Benefit Growth and Disability Reform in the U.S.: Lessons from Other OECD Nations

Unsustainable growth in program costs and beneficiaries, together with a growing recognition that even people with severe impairments can work, led to fundamental disability policy reforms in the Netherlands, Sweden, and Great Britain. In Australia, rapid growth in disability recipiency led to more modest reforms. Here we describe the factors driving unsustainable DI program growth in the U.S., show their similarity to the factors that led to unsustainable growth in these other four OECD countries, and discuss the reforms each country implemented to regain control over their cash transfer ...
Working Paper Series , Paper 2013-40

Journal Article
Recent declines in work and income among men with disabilities

FRBSF Economic Letter

Journal Article
Life-cycle shocks and income

Unexpected events such as job displacement, disability, and divorce can have negative effects on individual and family income. For many families, social insurance provided by the government plays an important role in buffering the impact of these shocks. However, on average, Americans depend more on private resources rather than the public sector to insure against these losses.
FRBSF Economic Letter

Working Paper
The Economic Gains from Equity

How much is inequity costing us? Using a simple growth accounting framework we apply standard shift-share techniques to data from the Current Population Survey (1990-2019) to compute the aggregate economic costs of persistent educational and labor market disparities by gender and race. We find significant economic losses associated with these gaps. Building on this finding, we consider which disparities generate the largest costs, paying specific attention to differences in employment, hours worked, educational attainment, educational utilization, and occupational allocation. We also examine ...
Working Paper Series , Paper 2021-11

Journal Article
The Illusion of Wage Growth

Despite a sharp spike in unemployment since March 2020, aggregate wage growth has accelerated. This acceleration has been almost entirely attributable to job losses among low-wage workers. Wage growth for those who remain employed has been flat. This pattern is not unique to COVID-19 but is more profound now than in previous recessions. This means that, in the wake of the virus, evaluations of the labor market must rely on a dashboard of indicators, rather than any single measure, to paint a complete picture of the losses and the recovery.
FRBSF Economic Letter , Volume 2020 , Issue 26 , Pages 01-05


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