Liberty Street Economics
Return to Liberty Street Economics Home Page

68 posts on "Labor Economics"

April 05, 2017

How Do People Find Jobs?



LSE_How Do People Find Jobs?

Most people find themselves looking for work at some point in their adult lives. But what brings employers and job seekers together? And does searching for a new job while unemployed lead to different outcomes than searching while employed? Little is known about the job search process for unemployed workers. Even less is known about the search process and outcomes for currently employed workers—so‑called “on‑the‑job” search. This Liberty Street Economics post aims to shed light on these questions and to draw some conclusions for our understanding of labor market dynamics more generally.

Continue reading "How Do People Find Jobs?" »

Posted by Blog Author at 7:00 AM in Labor Economics, Macroecon | Permalink | Comments (0)

April 03, 2017

Diplomas to Doorsteps: Education, Student Debt, and Homeownership



LSE_Diplomas to Doorsteps: Education, Student Debt, and Homeownership

Evidence overwhelmingly shows that the average earnings premium to having a college education is high and has risen over the past several decades, in part because of a decline in real average earnings for those without a college degree. In addition to high private returns, there are substantial social returns to having a well-educated citizenry and workforce. A new development that may have important longer-term implications for education investment and for the broader economy is a significant change in the financing of higher education. State funding has declined markedly over the past two decades, a trend that has coincided with a significant increase in college tuition. To cover the rising cost of college, students and families have increased their reliance on student loans, funding a greater share of an increasing overall college cost. While the federal student loan program has undoubtedly helped mitigate the impact of higher costs on college access and enrollment, more and more students now leave college with higher amounts of debt. Given these trends, it is critical to understand whether holding student debt has affected young Americans’ later life outcomes, such as homeownership.

Continue reading "Diplomas to Doorsteps: Education, Student Debt, and Homeownership" »

Posted by Blog Author at 10:31 AM in Education, Household Finance, Labor Economics, Student Loans | Permalink | Comments (0)

November 28, 2016

At the N.Y. Fed: Convening on the Evolution of Work



LSE_Convening on the Evolution of Work

The Federal Reserve Bank of New York recently hosted “The Evolution of Work,” a conference that brought together thought leaders from academia, government, industry, labor, and the nonprofit sector to explore how the nature of work is evolving, including the expanding role of technology, shifts in employee work arrangements and employer-employee relationships, and the effects of these changes on workforce and community development strategies. The gathering was cosponsored by the Board of Governors of the Federal Reserve System and the Freelancers Union.

Continue reading "At the N.Y. Fed: Convening on the Evolution of Work" »

Posted by Blog Author at 8:38 AM in Education, Employment, Labor Economics, Macroecon | Permalink | Comments (0)

November 18, 2016

Just Released: Press Briefing on the Survey of Consumer Expectations



LSE_Just Released: Press Briefing on the Survey of Consumer Expectations

The New York Fed’s Survey of Consumer Expectations (SCE) collects information on household heads’ economic expectations and behavior. In particular, the survey covers respondents’ views on how inflation, spending, credit access, and the housing and labor markets will evolve over time. The SCE yields important insights that inform our monetary policy decisions. This morning, President Dudley joined New York Fed economists to brief the press on the design of the SCE and the latest releases of survey results. President Dudley introduced the briefing by speaking about the benefits of measuring consumers’ expectations.

Continue reading "Just Released: Press Briefing on the Survey of Consumer Expectations" »

October 17, 2016

What Caused the Decline in Interstate Migration in the United States?



LSE_What Caused the Decline in Interstate Migration in the United States?

Geographic mobility is thought to be important both for economic mobility and for the efficiency of a labor market in allocating the right people to the right jobs. Accordingly, the willingness of the U.S. workforce to move is a factor behind the greater dynamism of the U.S. labor market compared to Europe. While Europeans tend to be more reluctant to move to distant places within their respective countries, the idea of moving across state borders for a job has been woven into the fabric of the American Dream. However, the image of the United States as a mobile nation has changed substantially over recent decades. This post investigates the role that demographic shifts—in particular, the nation’s aging population—have played in the recent decline in interstate migration.

Continue reading "What Caused the Decline in Interstate Migration in the United States?" »

Posted by Blog Author at 7:00 AM in Labor Economics, Regional Analysis, Unemployment | Permalink | Comments (4)

September 09, 2016

Who Falters at Student Loan Payback Time?



Editor’s note: The labels for “Elite private” and “Non-elite private, not-for-profit” institutions in the charts have been corrected; they were initially transposed. We regret the error. (September 12, 12:45 p.m.)

LSE_2016_Who Falters at Student Loan Payback Time?

This is the final post in a four-part series examining the evolution of enrollment, student loans, graduation and default in the higher education market over the course of the past fifteen years. In the first post, we found a marked increase in enrollment of 35 percent between 2000 and 2015, led mostly by the for-profit sector—which increased enrollment by 177 percent. The second post showed that these new enrollees were quite different from the traditional enrollees. Yesterday’s post demonstrated an unprecedented increase in loan origination amounts during this period—nearly tripling between 2000 and 2015. This surge was driven most prominently by a massive increase in the number of borrowers in the public community college sector and the private for-profit college sector. Given the large increase in the borrower pool and loan originations, it is paramount to understand the consequences of these changes for the student loan default rate. This post aims to do just that. We focus on three-year cohort default rates reported by the United States Department of Education. The three-year cohort default rate is defined as the percentage of a school's borrowers who enter repayment during a particular federal fiscal year—running from October 1 to September 30—and default prior to the end of the second following fiscal year. Most federal loans enter default when payments are more than 270 days past due.

Continue reading "Who Falters at Student Loan Payback Time?" »

Posted by Blog Author at 7:02 AM in Education, Expectations, Labor Economics, Student Loans | Permalink | Comments (0)

September 08, 2016

The Changing Role of Community-College and For-Profit-College Borrowers in the Student Loan Market



Editor’s note: The chart sources cited in this post have been corrected. (September 9, 12:55 p.m.)



In the first post in this series, we characterized the rapid transformation of the higher education market over the 2000-2015 period, a transformation that was led by explosive growth of the for-profit sector of higher education. In the second post, we found that most of this growth was driven by nontraditional students entering these institutions. Given this growth and the marked change in student composition, it is important to understand what impact these patterns might have on student loan originations, student loan volume, and the borrower pool in the various sectors of higher education. While a causal analysis is beyond the scope of this post, we instead examine descriptive patterns in these critical postsecondary outcomes. Was the growth in for-profit enrollment associated with a higher incidence of student loans? Were for-profit students, the main contributors of this growth, more or less likely to take student loans, and were they more or less likely to originate larger student loans? How about community-college borrowers, especially since community college enrollment increased noticeably over the period? This post focuses on these questions.

Continue reading "The Changing Role of Community-College and For-Profit-College Borrowers in the Student Loan Market" »

Posted by Blog Author at 7:00 AM in Credit, Education, Labor Economics, Student Loans | Permalink | Comments (0)

September 07, 2016

The Changing Face of the Higher Education Market



LSE_2016_The Changing Face of the Higher Education Market

The higher education landscape changed drastically over the last decade and a half. This evolution was largely characterized by the unprecedented growth of the private for-profit sector. In this post, we examine whether the evolution of the higher education market was associated with changes in the types of students who attended the institutions in various sectors of the market. Was the growth in enrollment spurred by an increased entry of traditional students? Or was it driven by an inflow of nontraditional students? Has student composition in higher education changed differentially between sectors? It is important for us to understand not only the growth in the higher education market but also which types of students contributed to this growth, because any changes in the composition of students may have implications for the composition of skilled workers in the labor market, for student loans, for loan repayment, and for the labor market returns to education investments.

Continue reading "The Changing Face of the Higher Education Market" »

Posted by Blog Author at 7:00 AM in Education, Labor Economics | Permalink | Comments (0)

September 06, 2016

The Changing Higher Education Landscape



LSE_2016_The Changing Higher Education Landscape

The past decade and a half has seen dramatic changes in the higher education landscape, characterized by significant growth in enrollment. This growth has been concentrated mostly in for-profit schools, where enrollment skyrocketed in the first decade of the period, nearly quadrupling between 2000 and 2011. The post-2011 period has been marked by an abatement of this growth. These patterns have strong implications not only for the higher education market but also for the labor force and the economy more broadly. Therefore, it is essential to understand the evolution of the different sectors of higher education over the last sixteen years; in this post we aim to do just that. How have the different sectors of higher education changed during this period, in particular the for-profit sector? Is the story here more about enrollment in existing schools, or were there differential entries and exits of for-profit schools? This post is the first in a four-part series looking at different aspects of the changing higher education market, including enrollment growth and its composition, student loans, and student loan defaults.

Continue reading "The Changing Higher Education Landscape" »

Posted by Blog Author at 7:00 AM in Education, Labor Economics | Permalink | Comments (4)

August 18, 2016

Just Released: Job Growth in the Region



LSE_Just Released: Job Growth in the Region


At today’s economic press briefing, we provided an update on regional economic conditions, with a particular focus on job growth in the region, and highlighted an important emerging labor market trend: the return of middle-wage jobs.

Continue reading "Just Released: Job Growth in the Region" »

Posted by Blog Author at 10:00 AM in Labor Economics, Regional Analysis | Permalink | Comments (2)
About the Blog
Liberty Street Economics features insight and analysis from economists working at the intersection of research and policy. The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Donald Morgan.

The views expressed are those of the authors, and do not necessarily reflect the position of the New York Fed or the Federal Reserve System.


Economic Research Tracker

Liberty Street Economics is now available on the iPhone® and iPad® and can be customized by economic research topic or economist.


Useful Links
Comment Guidelines
We encourage your comments and queries on our posts and will publish them (below the post) subject to the following guidelines:
Please be brief: Comments are limited to 1500 characters.
Please be quick: Comments submitted after COB on Friday will not be published until Monday morning.
Please be aware: Comments submitted shortly before or during the FOMC blackout may not be published until after the blackout.
Please be on-topic and patient: Comments are moderated and will not appear until they have been reviewed to ensure that they are substantive and clearly related to the topic of the post. We reserve the right not to post any comment, and will not post comments that are abusive, harassing, obscene, or commercial in nature. No notice will be given regarding whether a submission will or will not be posted.‎
Disclosure Policy
The LSE editors ask authors submitting a post to the blog to confirm that they have no conflicts of interest as defined by the American Economic Association in its Disclosure Policy. If an author has sources of financial support or other interests that could be perceived as influencing the research presented in the post, we disclose that fact in a statement prepared by the author and appended to the author information at the end of the post. If the author has no such interests to disclose, no statement is provided. Note, however, that we do indicate in all cases if a data vendor or other party has a right to review a post.
Archives