31 July 2020

The Impact of COVID-19 on US College Students

Due to COVID-19, 13 percent of students in higher education in the United States have delayed graduation, 40 percent have lost a job, internship, or a job offer, and 29 percent expect to earn less at age 35, a survey by Esteban M. Aucejo, Jacob F. French, Maria Paola Ugalde Araya, and Basit Zafar finds.

30 July 2020

Corporate Bond Liquidity during the COVID-19 Crisis

Early in the pandemic, dealers were wary of accumulating inventory on their balance sheets and the cost to investors of trading with dealers surged, but interventions by the Federal Reserve appear to have relaxed balance sheet constraints, according to a study by Mahyar Kargar, Benjamin Lester, David Lindsay, Shuo Liu, Pierre-Olivier Weill, and Diego Zúñiga.

29 July 2020

How Chinese Demand Affects US Housing Markets

After other countries introduced foreign-buyer taxes to deter Chinese housing investment beginning in 2011, house prices grew 8 percentage points more in US zipcodes with high foreign-born Chinese populations than in other locations, research by Caitlin S. Gorback and Benjamin J. Keys shows. The trend reversed with the onset of the US-China trade war.

28 July 2020

Labor Market Returns to Social Networks and Socializing

Individuals make investments during adolescence to accumulate friends and other forms of social capital; this has payoffs in the labor market and so cannot be thought of as pure leisure, research by Adriana Lleras-Muney, Matthew Miller, Shuyang Sheng, and Veronica T. Sovero shows.

27 July 2020

Quantitative Easing in Advanced and Emerging Economies

Since the outbreak of the COVID-19 pandemic, the average quantitative easing announcement in a developed market had a statistically significant -0.14% 1-day impact on the 10-year government bond yield, while the average impact of an emerging market QE announcement was larger, -0.37% a study by Jonathan S. Hartley and Alessandro Rebucci shows.

24 July 2020

Decoupling of Wage and Price Inflation in Japan

Labor market dynamics in Japan shifted after 1998 so that correlations between labor market tightness and wages weakened noticeably, making wage inflation a much less important determinant of price inflation, Takeo Hoshi and Anil K Kashyap report.

23 July 2020

The Role of ICT in US and European Productivity

Robert J. Gordon and Hassan Sayed find that most of the 1995-2005 revival in US productivity growth was driven by information and communication technology-intensive industries producing market services and computer hardware, while the EU-10 experienced a growth slowdown due to a paucity of ICT investment.

22 July 2020

Inflation with COVID-19 Consumption Baskets

The inflation rate during the COVID-19 pandemic has been higher than is indicated by the official Consumer Price Index in the US for both headline and core indices, Alberto Cavallo finds. Consumers are spending more on food and less on transportation, for example.

21 July 2020

Do Youth Employment Programs Work?

Participants in the Civilian Conservation Corps — the first and largest youth training program in the United States — grew taller, lived longer lives, and had higher lifetime earnings than non-participants, a study by Anna Aizer, Shari Eli, Adriana Lleras-Muney, and Keyoung Lee finds. The program was in operation between 1933 and 1942.

20 July 2020

Post-9/11 Combat Posts Increased Crime among Vets

Using data from two national surveys, Resul Cesur, Joseph J. Sabia, and Erdal Tekin find evidence that post-9/11 combat service increased the probability of crime commission among veterans, leading to an estimated $26.7 billion in additional crime costs.
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