Once educational attainment and other observable characteristics have been controlled for, studies show that the gender wage gap among adult full-time workers is about half the size it was in 1980. Using U.S. Census and Current Population Survey (CPS) data from 1959 through 1999, the authors...

Using the NLSY, we find that young Mexican women earn 9% less than young White women while young Black women earn 15% less than young White women. Although young Mexican women earn less than young White women, they do surprisingly well compared to young Black women. We show that it is crucially...

Residential segregation has been blamed for causing adverse social and economic effects, and contradicting to the ideology of a free and equal society. However, studies have documented that psychological and cultural benefits of such clustering. If households believe that it would provide...

This paper explores the history of African Americans in the U.S. economy since emancipation. With the end of the Civil War, some four million former slaves had gained their freedom, but the freed people faced daunting economic challenges, including poverty, illiteracy, and discrimination....

Using a new composite climate-risk index, we show that population in high-risk counties has grown disproportionately over the last few decades, even relative to the corresponding commuting zone. We also find that the agglomeration is largely driven by increases in the (white) working-age...

This paper proposes the use of forecast combination to improve predictive accuracy in forecasting the U.S. business cycle index as published by the Business Cycle Dating Committee of the NBER. It focuses on one-step ahead out-of-sample monthly forecast utilising the well-established coincident...

Die vorliegende Arbeit untersucht, wie sich Angebots-, Nachfrage- und geldpolitische Schocks aus den Vereinigten Staaten auf Deutschland übertragen. Dabei wird ein so genanntes factor-augmented vector autoregressive model (FAVAR) auf einen neu zusammengestellten Datensatz mit mehr als 200...

1971-2009. Financial shocks are defined as unexpected changes of a financial conditions index (FCI), recently developed by Hatzius et al. (2010), for the US. We use a time-varying factor-augmented VAR to model the FCI jointly with a large set of macroeconomic, financial and trade variables for...

This paper studies the interaction between monetary policy, financial markets, and the real economy. We develop a Bayesian framework to estimate proxy structural vector autoregressions (SVARs) in which monetary policy shocks are identified by exploiting the information contained in high...