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Working Paper
The Sufficient Statistic Approach: Predicting the Top of the Laffer Curve
Huggett, Mark; Badel, Alejandro (2015-11-10)
We provide a formula for the tax rate at the top of the Laffer curve as a function of three elasticities. Our formula applies to static models and to steady states of dynamic models. One of the elasticities that enters our formula has been estimated in the elasticity of taxable income literature. We apply standard empirical methods from this literature to data produced by reforming the tax system in a model economy. We find that these standard methods underestimate the relevant elasticity in models with endogenous human capital accumulation.
Working Papers , Paper 2015-38

Report
Can Treatment with Medications for Opioid Use Disorder Improve Employment Prospects? Evidence from Rhode Island Medicaid Enrollees
Burke, Mary A.; Sullivan, Riley (2022-12-01)
The nation’s long-standing crisis of opioid abuse intensified during the COVID-19 pandemic, with opioid-related deaths rising to nearly 81,000 in 2021, an increase of more than 60 percent from just two years earlier. Also during the pandemic, the labor force participation rate in the United States fell precipitously, and as of September 2022 it remained depressed by more than a full percentage point relative to its February 2020 level despite record numbers of job openings in 2021 and 2022. The unfortunate confluence of labor shortages and record-setting opioid mortality highlights the need ...
New England Public Policy Center Research Report , Paper 22-3

Working Paper
The Income-Achievement Gap and Adult Outcome Inequality
Nielsen, Eric R. (2015-05-14)
This paper discusses various methods for assessing group differences in academic achievement using only the ordinal content of achievement test scores. Researchers and policymakers frequently draw conclusions about achievement differences between various populations using methods that rely on the cardinal comparability of test scores. This paper shows that such methods can lead to erroneous conclusions in an important application: measuring changes over time in the achievement gap between youth from high- and low-income households. Commonly-employed, cardinal methods suggest that this ...
Finance and Economics Discussion Series , Paper 2015-41

Working Paper
Human Capital and Unemployment Dynamics: Why More Educated Workers Enjoy Greater Employment Stability
Cairó, Isabel; Cajner, Tomaz (2014-02)
Why do more educated workers experience lower unemployment rates and lower employment volatility? A closer look at the data reveals that these workers have similar job finding rates, but much lower and less volatile separation rates than their less educated peers. We argue that on-the-job training, being complementary to formal education, is the reason for this pattern. Using a search and matching model with endogenous separations, we show that investments in match-specific human capital reduce the outside option of workers, implying less incentives to separate. The model generates ...
Finance and Economics Discussion Series , Paper 2014-09

Working Paper
Wage Shocks and the Technological Substitution of Low-Wage Job
Phelan, Brian J.; Aaronson, Daniel (2017-01-15)
We extend the task-based empirical framework used in the job polarization literature to analyze the susceptibility of low-wage employment to technological substitution. We find that increases in the cost of low-wage labor, via minimum wage hikes, lead to relative employment declines at cognitively routine occupations but not manually-routine or non-routine low-wage occupations. This suggests that low-wage routine cognitive tasks are susceptible to technological substitution. While the short-run employment consequence of this reshuffling on individual workers is economically small, due to ...
Working Paper Series , Paper WP-2017-3

Working Paper
Heterogeneous Agents Dynamic Spatial General Equilibrium
Dvorkin, Maximiliano (2023-03-22)
I develop a dynamic model of migration and labor market choice with incomplete markets and uninsurable income risk to quantify the effects of international trade on workers’ employment reallocation, earnings, and wealth. Macroeconomic conditions in different labor markets and idiosyncratic shocks shape agents’ labor market choices, consumption, earnings, and asset accumulation over time. Despite the rich heterogeneity, the model is highly tractable as the optimal consumption, labor supply, capital accumulation, and migration and reallocation decisions of individual workers across ...
Working Papers , Paper 2023-005

Working Paper
The Intensity of Job Search and Search Duration
Kudlyak, Marianna; Faberman, R. Jason (2014-05-15)
We use micro data on applications to job openings by individuals on a job search website to study the relationship between search intensity and search duration. Our data allow us to control for several factors that can affect the measured relationship between intensity and duration, including the composition of job seekers and changes in the number of available job openings over the duration of search. We find that a job seeker sends fewer applications per week as search continues. We also find that job seekers who search on the website longer tend to send more applications in every period. ...
Working Paper , Paper 14-12

Report
The Limited Role of Intergenerational Transfers for Understanding Racial Wealth Disparities
Sabelhaus, John Edward; Thompson, Jeffrey P. (2023-03-07)
Transfers of wealth between generations—whether through inheritances or inter vivos gifts—are less important in explaining racial disparities in wealth than might be expected. While this factor looms large in the media’s discussions of racial inequality, it explains relatively little of the disparities evident in the data. One reason is that most people, regardless of race, receive no inheritance or other transfer of substantial value. In addition, most recipients of inheritances ultimately consume those bequests and do not plan to leave substantial gifts to their offspring. Further, ...
Current Policy Perspectives

Journal Article
Are recent college graduates finding good jobs?
Su, Yaquin; Deitz, Richard; Abel, Jaison R. (2014)
According to numerous accounts, the Great Recession has left many recent college graduates struggling to find jobs that utilize their education. However, a look at the data on the employment outcomes for recent graduates over the past two decades suggests that such difficulties are not a new phenomenon: individuals just beginning their careers often need time to transition into the labor market. Still, the percentage who are unemployed or ?underemployed??working in a job that typically does not require a bachelor?s degree?has risen, particularly since the 2001 recession. Moreover, the quality ...
Current Issues in Economics and Finance , Volume 20

Discussion Paper
When College Might Not Be Worth It
Abel, Jaison R.; Deitz, Richard (2025-04-16)
In our last post, we showed that the economic benefits of a college degree still far outweigh the costs for the typical graduate, with a healthy and consistent return of 12 to 13 percent over the past few decades. But there are many circumstances under which college graduates do not earn such a high return. Some colleges are much more expensive than average, and financial aid is not guaranteed no matter which college a student attends. In addition, the potentially high cost of living on campus was not factored into our estimates. Some students also may take five or six years to finish their ...
Liberty Street Economics , Paper 20250416b

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