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Journal Article
Out of the Office, Into a Financial Crisis?
Sablik, Timothy (2023-04)
For decades, the office has offered an alternative to the manual labor that defined work for most of human history. But it came with its own set of headaches for workers.Those headaches have provided fuel for movies like Office Space and The Devil Wears Prada and TV shows like Severance and The Office. The COVID-19 pandemic gave many Americans the chance to live out their dreams of escaping their commutes and the annoyances of the modern workplace. In the initial months of the pandemic in 2020, most offices shut down. More than 60 percent of all paid full days were worked from home.
Econ Focus , Volume 23 , Issue 2Q , Pages 4-7

Working Paper
The Shift to Remote Work Lessens Wage-Growth Pressures
Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; Meyer, Brent; Mihaylov, Emil (2022-07-08)
The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of US employers, and we develop novel survey data to quantify its force. Our data imply a cumulative wage-growth moderation of 2.0 percentage points over two years. This moderation offsets more than half the real-wage catchup effect that Blanchard (2022) highlights in his analysis of near-term inflation pressures. The amenity-values gains ...
FRB Atlanta Working Paper , Paper 2022-7

Trends in Work from Home in the U.S.: Insights from Six Datasets
Bick, Alexander; Blandin, Adam; Caplan, Aidan; Caplan, Tristan (2024-12-20)
An analysis of survey data finds that WFH remains elevated from prepandemic levels, suggesting remote work is an enduring feature of the U.S. workforce.
On the Economy

Journal Article
Remote Work and Housing Demand
Kmetz, Augustus; Mondragon, John; Wieland, Johannes F. (2022-09-26)
The COVID-19 pandemic reshaped the way households work. Nearly a third of employees still worked from home part time or full time as of August 2022. This has significantly increased housing demand and is a key factor explaining why U.S. house prices grew 24% between November 2019 and November 2021. Analysis shows that the shift to remote work may account for more than half of overall house price increases and similar increases in rents. This fundamental evolution in work-related housing demand may be important for future house prices.
FRBSF Economic Letter , Volume 2022 , Issue 26 , Pages 5

Discussion Paper
Is Work-from-Home Working?
Emanuel, Natalia; Harrington, Emma (2023-06-20)
Though some offices have re-opened as the pandemic has receded, many workers have continued to work from home. Recent survey data suggest that workers would like more remote-work days than firms want to supply—a pattern that was evident even before the pandemic. Why have firms been so reluctant to offer remote work? And what will the recent seismic shift in remote work mean for the economy?
Liberty Street Economics , Paper 20230620

Working Paper
Housing Demand and Remote Work
Mondragon, John; Wieland, Johannes F. (2022-05-26)
What explains record U.S. house price growth since late 2019? We show that the shift to remote work explains over one half of the 23.8 percent national house price increase over this period. Using variation in remote work exposure across U.S. metropolitan areas we estimate that an additional percentage point of remote work causes a 0.93 percent increase in house prices after controlling for negative spillovers from migration. This cross-sectional estimate combined with the aggregate shift to remote work implies that remote work raised aggregate U.S. house prices by 15.1 percent. Using a model ...
Working Paper Series , Paper 2022-11

Working Paper
Work from Home and Interstate Migration
Rubinton, Hannah; Bick, Alexander; Blandin, Adam; Mertens, Karel (2024-05-20)
Interstate migration by working-age adults in the US declined substantially during the Great Recession and remained subdued through 2019. We document that interstate migration rose sharply following the 2020 Covid-19 outbreak, nearly recovering to pre-Great recession levels, and provide evidence that this reversal was primarily driven by the rise in work from home (WFH). Before the pandemic, interstate migration by WFH workers was consistently 50% higher than for commuters. Since the Covid-19 outbreak, this migration gap persisted while the WFH share tripled. Using quasi-panel data and ...
Working Papers , Paper 2024-012

Working Paper
Measuring Trends in Work From Home: Evidence from Six U.S. Datasets
Caplan, Aidan; Bick, Alexander; Caplan, Tristan; Blandin, Adam (2024-09-11)
This paper documents the prevalence of work from home (WFH) in six U.S. data sets. These surveys measure WFH using different questions, reference periods, samples, and survey collection methods. Once we construct samples and WFH measures that are comparable across surveys, all surveys broadly agree about the trajectory of aggregate WFH since the Covid-19 outbreak. The surveys agree that pre-pandemic differences in WFH rates by sex, education, and state of residence expanded following the Covid-19 outbreak. The surveys also show similar post-pandemic trends in WFH by firm size and industry. ...
Working Papers , Paper 2024-023

Journal Article
Interview: Steven Davis
Price, David (2022-10)
As a student at Central Catholic High School in Portland, Ore., in the mid-1970s, Steven Davis took an elective course on economics that piqued his interest. When he went on to college at Portland State University, he initially picked economics as his major but figured he might switch to sociology or international relations. In the end, however, economics won out. "Those fields struck me as interesting," he says, "but economics seemed to offer a more useful set of tools for understanding social and economic issues."
Econ Focus , Volume 22 , Issue 4Q , Pages 22-26

Discussion Paper
The Power of Proximity: How Working beside Colleagues Affects Training and Productivity
Emanuel, Natalia; Harrington, Emma; Pallais, Amanda (2024-01-18)
Firms remain divided about the value of the office for “office” workers. Some firms think that their employees are more productive when working from home. Others believe that the office is a key place for investing in workers’ skills. In this post, which is based on a recent working paper, we examine whether both sides could be right: Could working in the office facilitate investments in workers’ skills for tomorrow that diminish productivity today?
Liberty Street Economics , Paper 20240118

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