scholarly journals Sources of Displaced Workers’ Long-Term Earnings Losses

2020 ◽  
Vol 110 (10) ◽  
pp. 3231-3266 ◽  
Author(s):  
Marta Lachowska ◽  
Alexandre Mas ◽  
Stephen A. Woodbury
Keyword(s):  
Great Recession ◽  
Washington State ◽  
Displaced Workers ◽  
Work Hours ◽  
Hourly Wage ◽  
The Great Recession ◽  
Wage Rates ◽  
Earnings Losses ◽  
Wage Premiums

We estimate the magnitudes of reduced earnings, work hours, and wage rates of workers displaced during the Great Recession using linked employer-employee panel data from Washington state. Displaced workers’ earnings losses occurred mainly because hourly wage rates dropped at the time of displacement and recovered sluggishly. Lost employer-specific premiums explain only 17 percent of these losses. Fully 70 percent of displaced workers moved to employers paying the same or higher wage premiums than the displacing employers, but these workers nevertheless suffered substantial wage rate losses. Loss of valuable specific worker-employer matches explains more than one-half of the wage losses. (JEL E32, J22, J31, J63, R23)

Disruptive Soft Law and Post-Crisis US Reform

2018 ◽  
Author(s):  
Abraham L. Newman ◽  
Elliot Posner
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Regulatory Reform ◽  
The United States ◽  
Soft Law ◽  
Long Term Effects ◽  
The Great Recession ◽  
The Us ◽  
International Interaction

Chapter 6 examines the long-term effects of international soft law on policy in the United States since 2008. The extent and type of post-crisis US cooperation with foreign jurisdictions have varied considerably with far-reaching ramifications for international financial markets. Focusing on the international interaction of reforms in banking and derivatives, the chapter uses the book’s approach to understand US regulation in the wake of the Great Recession. The authors attribute seemingly random variation in the US relationship to foreign regulation and markets to differences in pre-crisis international soft law. Here, the existence (or absence) of robust soft law and standard-creating institutions determines the resources available to policy entrepreneurs as well as their orientation and attitudes toward international cooperation. Soft law plays a central role in the evolution of US regulatory reform and its interface with the rest of the world.

The Effects of the Great Recession on Family Structure and Fertility

2013 ◽  
Vol 650 (1) ◽  
pp. 214-231 ◽  
Author(s):  
Andrew Cherlin ◽  
Erin Cumberworth ◽  
S. Philip Morgan ◽  
Christopher Wimer
Keyword(s):  
Young Adults ◽  
Great Recession ◽  
Family Life ◽  
Recent Immigrants ◽  
Term Trend ◽  
Younger Women ◽  
The Great Recession ◽  
Intergenerational Coresidence ◽  
Long Term Trend

Recessions can alter family life by constraining the choices that individuals and couples make concerning their family lives and by activating the family’s role as an emergency support system. Both effects were visible during and after the Great Recession. Fertility declined by 9 to 11 percent, depending on the measure, and the decline was greater in states that experienced higher increases in unemployment. The decline was greater among younger women, which suggests postponement rather than forgoing of births. The fall in fertility was sharpest for Hispanics, a result the authors attribute to a drop in Mexican immigration, which reduced the number of recent immigrants, the group with the highest fertility. Substantial increases occurred in the percentage of young adults, single and married, who lived with their parents, augmenting a long-term trend toward intergenerational coresidence. There was a slight decline in divorce and separation in states with higher unemployment.

California's 2012 Workers' Compensation Reforms Helped Replace Wages and Offset Earnings Losses After the Great Recession

2016 ◽  
Author(s):  
Michael Dworsky ◽  
Seth Seabury ◽  
Frank Neuhauser ◽  
Ujwal Kharel ◽  
Roald Euller
Keyword(s):  
Great Recession ◽  
Workers Compensation ◽  
The Great Recession ◽  
Earnings Losses

scholarly journals Policies to Help the Working Class in the Aftermath of COVID-19: Lessons from the Great Recession

2021 ◽  
Vol 695 (1) ◽  
pp. 314-330
Author(s):  
Richard V. Burkhauser ◽  
Kevin Corinth ◽  
Douglas Holtz-Eakin
Keyword(s):  
Working Class ◽  
Great Recession ◽  
Well Being ◽  
Safety Net ◽  
Social Safety Net ◽  
Slow Recovery ◽  
The Great Recession ◽  
Earnings Losses ◽  
Persistent Unemployment ◽  
Economic Well Being

The COVID-19 pandemic and the associated government-mandated shutdowns caused a historic shock to the U.S. economy and a disproportionate job loss concentrated among the working class. While an unprecedented social safety net policy response successfully offset earnings losses among lower-wage workers, the risk of continued and persistent unemployment remains higher among the working class. The key lesson from the Great Recession is that strong economic growth and a hot labor market do more to improve the economic well-being of the working class and historically disadvantaged groups than a slow recovery that relies on safety net policies to help replace lost earnings. Thus, the best way to prevent a “k-shaped” recovery is to ensure that safety net policies do not interfere with a return to the strong pre-pandemic economy once the health risk subsides and that progrowth policies that incentivize business investment and hiring are maintained.

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