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Discussion Paper
Financing workforce development in a devolutionary era
Andreason, Stuart (2016-05-03)
Workforce development financing has changed significantly over the last 25 years. In 2008, federal funding for the traditional workforce development system was 83 percent lower in real terms than it had been in 1980. As the federal system plays a smaller role in workforce development financing, the job training landscape better represents a "marketplace" where students and job seekers use federal training vouchers and grant and student loan money from various sources, primarily the Higher Education Act's Pell Grant and Federal Student Loan programs. Additionally, increasing volatility in ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-2

Discussion Paper
Financing Workforce Development in a Devolutionary Era
Andreason, Stuart (2016-04-01)
Workforce development financing has changed significantly over the last 25 years. In 2008, federal funding for the traditional workforce development system was 83 percent lower in real terms than it had been in 1980. As the federal system plays a smaller role in workforce development financing, the job training landscape better represents a “marketplace” where students and job seekers use federal training vouchers and grant and student loan money from various sources, primarily the Higher Education Act’s Pell Grant and Federal Student Loan programs. Additionally, increasing volatility ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-02

Report
The Rhode Island labor market in recovery: where is the skills gap?
Burke, Mary A. (2015-12-01)
There has been much anecdotal evidence claiming that Rhode Island's labor force is unable to supply the skills that the state's employers seek. The anecdotal evidence has given rise to the concern that labor market mismatch is holding back the state's economic recovery. Such a concern comes with particularly high stakes in the case of Rhode Island, which suffered the most severe drop in employment in New England during the Great Recession and has endured the region's highest unemployment rate during the recovery. This paper conducts a data-driven analysis of several indicators of potential ...
Current Policy Perspectives , Paper 15-7

Working Paper
Assessing the Change in Labor Market Conditions
Ratner, David; Chung, Hess T.; Nekarda, Christopher J.; Fallick, Bruce (2015-01-06)
This paper describes a dynamic factor model of 19 U.S. labor market indicators, covering the broad categories of unemployment and underemployment, employment, workweeks, wages, vacancies, hiring, layoffs, quits, and surveys of consumers? and businesses? perceptions. The resulting labor market conditions index (LMCI) is a useful tool for gauging the change in labor market conditions. In addition, the model provides a way to organize discussions of the signal value of different labor market indicators in situations when they might be sending diverse signals. The model takes the greatest signal ...
Working Papers (Old Series) , Paper 1438

Working Paper
Endogenous Labor Supply in an Estimated New-Keynesian Model: Nominal versus Real Rigidities
Chung, Hess T.; Cairó, Isabel; Ferrante, Francesco; Fuentes-Albero, Cristina; Pfajfar, Damjan; Morales-Jimenez, Camilo (2025-03-06)
Standard macroeconomic models find it difficult to reconcile slow recoveries and missing disinflations after deep deteriorations in the labor market. We develop and estimate a New-Keynesian model with search and matching frictions in the labor market, endogenous intensive and extensive labor supply decisions, and financial frictions. We conclude that the estimated combination of a low degree of nominal wage rigidities and a high degree of real wage rigidities, together with a small role for pre-match costs relative to post-match costs, is key in successfully forecasting slow recoveries in ...
Working Papers , Paper 25-08

Working Paper
Shocks and Adjustments
Nechio, Fernanda; Jordà, Òscar; Daly, Mary C.; Fernald, John G. (2013)
We develop a multisector model in which capital and labor are free to move across firms within each sector, but cannot move across sectors. To isolate the role of sectoral specificity, we compare our model with otherwise identical multisector economies with either economy-wide factor markets (as in Chari et al. 2000) or firm-specific factor markets (as in Woodford 2005). Sectoral specificity induces within-sector strategic substitutability and across-sector strategic complementarity in price setting. Our model can produce either more or less monetary non-neutrality than those other two ...
Working Paper Series , Paper 2013-32

Working Paper
Beveridge Curve Shifts across Countries since the Great Recession
Hobijn, Bart; Şahin, Ayşegül (2012-07-20)
We discuss the magnitude of and reasons for the shift in the Beveridge curve in the U.S. since the Great Recession and argue that skill mismatch and the extension of unemployment insurance benefits likely have played a nontrivial role in this shift. We then introduce a method to estimate fitted Beveridge curves for other OECD countries for which data on vacancies and employment by job tenure are available. We show that Portugal, Spain, Sweden, and the U.K. also experienced rightward shifts in their Beveridge curves. We argue that the shift in the first three countries is due to similar ...
Working Paper Series , Paper 2012-24

Working Paper
Place-Based Labor Market Inequality
Troland, Erin; Webber, Douglas A.; Liu, Jessica; Agnes, Isabella (2025-06-02)
This paper presents an overview of how various labor market indicators differ across geography. While many indicators are often discussed in terms of national aggregates, such discussions obscure the large degree of variation that exists across localities. We primarily use counties as a geographic unit, and document both structural differences that persist over time as well as differences in the past two business cycles. The racial composition of communities plays a large role in explaining geographic differences in labor market indicators, in some cases even more so than income. We ...
Finance and Economics Discussion Series , Paper 2025-040

Working Paper
Beyond the Unemployment Rate: A Structural Labor Market Indicator
Chung, Hess T.; Cairó, Isabel; Ferrante, Francesco; Fuentes-Albero, Cristina; Pfajfar, Damjan; Morales-Jimenez, Camilo (2026-08-20)
Labor market variables frequently send conflicting signals about the degree of slack or tightness, often complicating policy assessments at critical junctures. This paper develops a Structural Labor Market Indicator (SLMI) for the U.S. economy that addresses the limitations of existing univariate measures or atheoretical statistical approaches that synthesize multiple labor market indicators but cannot distinguish between supply and demand driving forces. We construct the SLMI using a medium scale New Keynesian DSGE model featuring search and matching frictions, endogenous labor force ...
Finance and Economics Discussion Series , Paper 2026-058

Working Paper
Assessing the Change in Labor Market Conditions
Ratner, David; Chung, Hess T.; Nekarda, Christopher J.; Fallick, Bruce (2014-12-17)
This paper describes a dynamic factor model of 19 U.S. labor market indicators, covering the broad categories of unemployment and underemployment, employment, workweeks, wages, vacancies, hiring, layoffs, quits, and surveys of consumers' and businesses' perceptions. The resulting labor market conditions index (LMCI) is a useful tool for gauging the change in labor market conditions. In addition, the model provides a way to organize discussions of the signal value of different labor market indicators in situations when they might be sending diverse signals. The model takes the greatest signal ...
Finance and Economics Discussion Series , Paper 2014-109

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