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Discussion Paper
How Have Racial and Ethnic Earnings Gaps Changed after COVID-19?
Chatterji-Len, Kasey; García, Daniel I.; Pinkovskiy, Maxim L.; Chakrabarti, Rajashri (2022-10-20)
Racial and ethnic earnings disparities have been salient features of the U.S. economy for decades. Between the pandemic-driven recession in 2020 and the rising inflation since 2021, workers’ real and nominal earnings have seen rapid change. To get a sense of how recent economic conditions have affected earnings disparities, we examine real and nominal weekly earnings trends for Asian, Black, Hispanic, and white workers. We find that average real weekly earnings have been declining in the past year, but less so for Black and Hispanic workers than for white and Asian workers. Black and ...
Liberty Street Economics , Paper 20221020a

The Labor Effects of Work from Home on Workers with a Disability
Marks, Cassandra; Rubinton, Hannah (2024-02-27)
Work from home appears to have improved labor outcomes for workers with a disability in terms of unemployment, labor force participation, and wages and hours worked.
On the Economy

Working Paper
Inflation and Wage Growth Since the Pandemic
Nechio, Fernanda; Jordà, Òscar (2023-04-01)
Following the worst of the COVID-19 pandemic, inflation surged to levels last seen in the 1980s. Motivated by vast differences in pandemic support across countries, we investigate the subsequent response of inflation and its feedback to wages. We exploit the differences in pandemic support to identify the effect that these programs had on inflation and the passthrough to wages. Our empirical approach focuses on a novel dynamic difference-in-differences method based on local projections. Our estimates suggest that an increase of 5 percentage points in direct transfers (relative to trend) ...
Working Paper Series , Paper 2022-17

Journal Article
Where There's Smoke...: The Wage Impact of Smoking
Darden, Michael; Hotchkiss, Julie L.; Pitts, M. Melinda; Clampitt, Steph (2020-10-08)
Cigarette smokers earn significantly less than nonsmokers, but the magnitude of the smoking wage gap and the pathways by which it originates are unclear. While most research focuses on contemporaneous reasons for the wage differential, the research described in this Policy Hub article finds that decisions made early in life—about education, labor force participation, and occupation—contribute significantly to the wage penalty smokers face later, especially for men. Women are found to be judged more harshly by their current employers for their smoking behavior, and since quitting smoking ...
Policy Hub , Volume 2020 , Issue 11 , Pages 8

Newsletter
Job Switching and Wage Growth
Justiniano, Alejandro; Faberman, R. Jason (2015)
This article shows a remarkably strong relationship between job switching and nominal wage growth. We also find a fairly strong relationship between job switching and the cyclical component of inflation. Furthermore, job switching seems to be predictive of both wage growth and inflation.
Chicago Fed Letter

Working Paper
The Dynamics of the Smoking Wage Penalty
Darden, Michael; Pitts, M. Melinda; Hotchkiss, Julie L. (2020-07-28)
Cigarette smokers earn significantly less than nonsmokers, but the magnitude of the smoking wage gap and the pathways by which it originates are unclear. Proposed mechanisms often focus on spot differences in employee productivity or employer preferences, neglecting the dynamic nature of human capital development and addiction. In this paper, we formulate a dynamic model of young workers as they transition from schooling to the labor market, a period in which the lifetime trajectory of wages is being developed. We estimate the model with data from the National Longitudinal Survey of Youth, ...
FRB Atlanta Working Paper , Paper 2020-11

Newsletter
Understanding the Relationship between Real Wage Growth and Labor Market Conditions
Jordan, Andrew; Aaronson, Daniel (2014-10)
The authors find that the share of the labor force that is medium-term unemployed (five to 26 weeks unemployed) and the share working part time (less than 35 hours per week) involuntarily are strongly correlated with real wage growth. Moreover, they estimate that average real wage growth would have been between one-half of a percentage point and a full percentage point higher in June 2014 if 2005?07 labor market conditions had been restored, indicating that the slack in the jobs market still weighs heavily on the real wage prospects of U.S. workers.
Chicago Fed Letter , Issue Oct

Working Paper
The Cross-Section of Labor Leverage and Equity Returns
Donangelo, Andres; Gourio, François; Kehrig, Matthias; Palacios, Miguel (2017-09-04)
Using a standard production model, we demonstrate theoretically that, even if labor is fully flexible, it generates a form of operating leverage if (a) wages are smoother than productivity and (b) the capital-labor elasticity of substitution is strictly less than one. Our model supports using labor share?the ratio of labor expenses to value added?as a proxy for labor leverage. We show evidence for conditions (a) and (b), and we demonstrate the economic significance of labor leverage: High labor-share firms have operating profits that are more sensitive to shocks, and they have higher expected ...
Working Paper Series , Paper WP-2017-22

Discussion Paper
Do the Employed Get Better Job Offers?
Haasl , Thomas; Faberman, R. Jason; Mueller, Andreas I.; Sahin, Aysegul (2018-04-04)
In a previous post, we examined the job search behavior of workers, both on the job and while unemployed. We found that job seeking is pervasive among employed workers, and that searching while employed is more effective than searching while unemployed in producing employer contacts and job offers. But how do the offers received through “on the job” searches compare to those received while unemployed? What do their wages look like, how do they compare in terms of nonwage benefits, and how much bargaining between employers and job applicants is involved? In this post, we shed some light on ...
Liberty Street Economics , Paper 20180404

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