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Although there is evidence that U.S. workers at the bottom of the earnings distribution may be catching up with those at the top, there are indications that returns to higher education may be increasing, with earnings growth for college graduates outpacing those with less education.
Jaison Abel and Richard Deitz find that although both men and women have experienced a loss of routine jobs since 2000, the decline has been markedly steeper for women.
Rajashri Chakrabarti introduces a new Liberty Street Economics series exploring dimensions of heterogeneity in the labor market experience of U.S. workers.
The role of subprime mortgage lending in the U.S. housing boom of the 2000s is hotly debated in academic literature. One prevailing narrative ascribes the unprecedented home price growth during the mid-2000s to an expansion in mortgage lending to subprime borrowers. This post, based on our recent working paper, “Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom,” presents evidence that is inconsistent with conventional wisdom. In particular, we show that the housing boom and the subprime boom occurred in different places.
To shed light on the macroeconomic consequences of heterogeneity, Acharya and Dogra develop a stylized HANK model that contains key features present in more complicated HANK models.
Blickle, Kovner, and Viswanathan share a synopsis of a recent conference featuring new research in financial intermediation and expert perspectives on corporate credit markets.
Events specific to large firms can have significant effects on the macroeconomy. The recent pause in Boeing’s 737 MAX production is a striking example of such an event or “shock.” This post provides a back-of-the envelope calculation of how the “737 MAX shock” could impact U.S. GDP growth in the first quarter of 2020.
New work by Richard Crump, Domenico Giannone, and David Lucca finds labor market data to be the most reliable information for dating the U.S. business cycle.
The New York Fed’s Center for Microeconomic Data today released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2019. Total household debt balances grew by $193 billion in the fourth quarter, marking a $601 billion increase in household debt balances in 2019, the largest annual gain since 2007. The main driver was a $433 billion annual upswing in mortgage balances, also the largest since 2007.
Richard Crump, Domenico Giannone, and David Lucca discuss different conceptual approaches to dating the business cycle and study their past performance for the U.S. economy.
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