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Income Inequality Matters, but Mobility Is Just as Important 收入不平等固然重要，但流动性同样重要
Economic commentary Pub Date : 2016-06-20 DOI: 10.26509/FRBC-EC-201606
Daniel R. Carroll, Anne Chen
{"title":"Income Inequality Matters, but Mobility Is Just as Important","authors":"Daniel R. Carroll, Anne Chen","doi":"10.26509/FRBC-EC-201606","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201606","url":null,"abstract":"Concerns about rising income inequality are based on comparing income distributions over time. It is important to remember that such distributions are snapshots of a single year, and that the same households do not necessarily appear year after year in the same quintile of the distribution. Paying attention to mobility, as well as inequality, gives us a richer picture of the income possibilities for households over time. We document changes in a measure of income mobility over the past 40 years, a period in which income inequality has increased. We find a modest level of movement through the distribution, particularly across generations. Nevertheless, the income quintile of one’s parents still has a sizeable effect on how just how high one is likely to rise or how low one may fall.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"21 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129057178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Trends in Employment at US Colleges and Universities, 1987-2013 美国高校就业趋势，1987-2013
Economic commentary Pub Date : 2016-06-13 DOI: 10.26509/FRBC-EC-201605
Peter L. Hinrichs
{"title":"Trends in Employment at US Colleges and Universities, 1987-2013","authors":"Peter L. Hinrichs","doi":"10.26509/FRBC-EC-201605","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201605","url":null,"abstract":"This Economic Commentary studies employment at colleges and universities in the United States between 1987 and 2013. Some of the results from this analysis are in line with conventional wisdom. For example, I document that a declining proportion of faculty are full-time employees. On the other hand, some of the results are counter to popular belief. For example, I find that the share of college employees who are executives, administrators, or managers has not changed appreciably over time.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"134 8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124255938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
National Preferences for Bank or Market Financing 国家对银行或市场融资的偏好
Economic commentary Pub Date : 2016-05-11 DOI: 10.26509/FRBC-EC-201604
R. Aggarwal, John W. Goodell
{"title":"National Preferences for Bank or Market Financing","authors":"R. Aggarwal, John W. Goodell","doi":"10.26509/FRBC-EC-201604","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201604","url":null,"abstract":"This article examines the reasons some countries favor bank-based financial systems and others favor markets-based financial systems. We show that when societies are more accepting of ambiguity—and by extension are more trusting—market financing is favored over relationship-based collateral financing by banks.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129660848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
The Consequences of Exposure to Violence during Early Childhood 儿童早期遭受暴力的后果
Economic commentary Pub Date : 2016-05-02 DOI: 10.26509/FRBC-EC-201603
Dionissi Aliprantis, Anne Chen
{"title":"The Consequences of Exposure to Violence during Early Childhood","authors":"Dionissi Aliprantis, Anne Chen","doi":"10.26509/FRBC-EC-201603","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201603","url":null,"abstract":"We investigate the impact that exposure to violence in childhood has on an individual’s propensity to engage in risky behaviors later in life and their probability of dying young. We document that black young males in the United States are exposed to much more violence in early childhood than their white counterparts. We also show that exposure to violence has a strong relationship with a host of undesirable later outcomes, and that relationship tends to be the same regardless of race, household income, mother’s educational attainment, or family structure.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131307934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Central Bank Lending in a Liquidity Crisis 流动性危机中的中央银行贷款
Economic commentary Pub Date : 2016-04-13 DOI: 10.26509/FRBC-EC-201602
Filippo Occhino
{"title":"Central Bank Lending in a Liquidity Crisis","authors":"Filippo Occhino","doi":"10.26509/FRBC-EC-201602","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201602","url":null,"abstract":"Solvent banks may appear insolvent in the midst of a liquidity crisis, due to the plunge of their assets’ value below their normal value. The responsibility of the central bank is to provide liquidity to the banks that would be solvent under normal economic conditions, at lending terms consistent with normal market conditions.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131645043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
The Natural Rate of Interest in Taylor Rules 泰勒法则中的自然利率
Economic commentary Pub Date : 2016-03-22 DOI: 10.26509/FRBC-EC-201601
Charles T. Carlstrom, Timothy S. Fuerst
{"title":"The Natural Rate of Interest in Taylor Rules","authors":"Charles T. Carlstrom, Timothy S. Fuerst","doi":"10.26509/FRBC-EC-201601","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201601","url":null,"abstract":"The Taylor rule suggests that the federal funds rate should be adjusted when inflation deviates from the Fed’s inflation target or when output deviates from the Fed’s estimate of potential output. Typical formulations of the rule assume that the level of the inflation-adjusted federal funds rate that is expected to prevail in the long run, sometimes thought of as the “natural” rate of interest, is constant over time. Since this assumption is likely incorrect, we show how the Taylor rule can account for a variable natural rate by incorporating long-term productivity growth. We also show that better monetary policy outcomes may be achieved if the Fed regularly adjusts the funds rate in response to perceived changes in productivity growth, even if these changes are often measured with error.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115074181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Forecasting Unemployment in Real Time during the Great Recession: An Elusive Task 大衰退期间实时预测失业率:一项难以捉摸的任务
Economic commentary Pub Date : 2015-11-30 DOI: 10.26509/FRBC-EC-201515
Murat Tasci, Caitlin Treanor
{"title":"Forecasting Unemployment in Real Time during the Great Recession: An Elusive Task","authors":"Murat Tasci, Caitlin Treanor","doi":"10.26509/FRBC-EC-201515","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201515","url":null,"abstract":"The unemployment rate has always been a focal point of discussions about the state of the economy because it provides a timely measure of the overall health of the labor market, and hence aggregate economic activity. In the aftermath of the Great Recession, many researchers, analysts, and policymakers have taken a keener interest in the unemployment rate not only as a gauge of current economic conditions, but also as a variable of interest for forecasting.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"1026 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134273556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The Role Bank Branches Play in a Mobile Age 银行分支机构在移动时代扮演的角色
Economic commentary Pub Date : 2015-11-16 DOI: 10.26509/FRBC-EC-201514
K. Cortes
{"title":"The Role Bank Branches Play in a Mobile Age","authors":"K. Cortes","doi":"10.26509/FRBC-EC-201514","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201514","url":null,"abstract":"With the increasing use of Internet and mobile banking, some analysts have been predicting the end of brick-and-mortar banks. But others maintain that branches provide bankers with invaluable information about borrowers and conditions in the local economy and are not likely to be done away with any time soon. To shed some light on the issue, I study whether financial institutions were able to make better loans during the financial crisis when they had a bank branch in the area. I find they were, which suggests their local presence gave them financially valuable information.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"14 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132362261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Is a Nonseasonally Adjusted Median CPI a Useful Signal of Trend Inflation 非季节性调整后的CPI中位数是通胀趋势的有用信号吗
Economic commentary Pub Date : 2015-11-02 DOI: 10.26509/FRBC-EC-201513
A. Higgins, Randal J. Verbrugge
{"title":"Is a Nonseasonally Adjusted Median CPI a Useful Signal of Trend Inflation","authors":"A. Higgins, Randal J. Verbrugge","doi":"10.26509/FRBC-EC-201513","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201513","url":null,"abstract":"Since controlling inflation is a central monetary policy goal, monetary policymakers focus intently on inflation signals. But they face a major difficulty: inflation data contain a lot of transitory shocks. The presence of the transitory “noise” in inflation data makes it difficult to detect early warnings of sustained movements. Responding to these transitory shocks would be a bad idea, because doing so would translate into policy swings and reversals and introduce uncertainty and volatility into the economy. Instead, policymakers attempt to respond to the sustained movements in inflation—that is, to underlying trend inflation. Discerning the underlying trend in the midst of the noisy inflation data is a challenging task.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125365522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Are Millennials with Student Loans Upwardly Mobile 有学生贷款的千禧一代会变得更有前途吗
Economic commentary Pub Date : 2015-10-01 DOI: 10.26509/FRBC-EC-201512
S. Whitaker
{"title":"Are Millennials with Student Loans Upwardly Mobile","authors":"S. Whitaker","doi":"10.26509/FRBC-EC-201512","DOIUrl":"https://doi.org/10.26509/FRBC-EC-201512","url":null,"abstract":"Students have been amassing ever-growing levels of debt to attend college. The situation has raised concerns about whether the debt is high enough that the benefits of borrowing—in terms of students' future socioeconomic outcomes—are compromised. This Commentary investigates relationships between student debt, mobility, and upward social mobility. The findings suggest that student debts have not become so burdensome that they undo the advantages of higher skills. However, the advantages enjoyed by heavily indebted millennial students relative to nonborrowers have declined substantially from the advantages enjoyed by the heaviest borrowers in Generation X.","PeriodicalId":368681,"journal":{"name":"Economic commentary","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131337239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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