The short-term income benefits from expanded unemployment insurance are unlikely to outweigh the long-term benefits of working.
扩大失业保险带来的短期收入收益不太可能超过工作带来的长期收益。
{"title":"Will Workers Want To Be Laid Off?","authors":"YiLi Chien, J. Bennett","doi":"10.20955/es.2020.22","DOIUrl":"https://doi.org/10.20955/es.2020.22","url":null,"abstract":"The short-term income benefits from expanded unemployment insurance are unlikely to outweigh the long-term benefits of working.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84571654","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}
On March 23, the Federal Reserve established the Term Asset-Backed Securities Loan Facility (TALF) to support consumer and small business lending.
3月23日，美联储建立了定期资产支持证券贷款工具(TALF)，以支持消费者和小企业贷款。
{"title":"Supporting Small Borrowers: ABS Markets and the TALF","authors":"Bruce Mizrach, Christopher J. Neely","doi":"10.20955/es.2020.20","DOIUrl":"https://doi.org/10.20955/es.2020.20","url":null,"abstract":"On March 23, the Federal Reserve established the Term Asset-Backed Securities Loan Facility (TALF) to support consumer and small business lending.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76267029","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}
issued stay-at-home orders, resulting in the full or partial closure of many non-essential businesses, a significant number of layoffs, and therefore a large amount of lost wages. Industries highly affected by the economic shutdown vary substantially in both how much output they produce and their degree of labor intensity—that is, how much labor they require to produce a certain level of output—suggesting that lost wages could be quite heterogeneous across industries. This short article provides rough estimates on the size of the wage loss associated with industries highly impacted by the COVID-19 pandemic.
{"title":"The Wage Bills of COVID-19","authors":"YiLi Chien, J. Bennett","doi":"10.20955/es.2020.18","DOIUrl":"https://doi.org/10.20955/es.2020.18","url":null,"abstract":"issued stay-at-home orders, resulting in the full or partial closure of many non-essential businesses, a significant number of layoffs, and therefore a large amount of lost wages. Industries highly affected by the economic shutdown vary substantially in both how much output they produce and their degree of labor intensity—that is, how much labor they require to produce a certain level of output—suggesting that lost wages could be quite heterogeneous across industries. This short article provides rough estimates on the size of the wage loss associated with industries highly impacted by the COVID-19 pandemic.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"59 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74302980","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}
Sectors most likely to be heavily impacted by the COVID-19 pandemic amount to 70 percent of GDP.
最有可能受到新冠肺炎大流行严重影响的行业占GDP的70%。
{"title":"How Bad Can It Be? The Relationship between GDP Growth and the Unemployment Rate","authors":"YiLi Chien","doi":"10.20955/es.2020.16","DOIUrl":"https://doi.org/10.20955/es.2020.16","url":null,"abstract":"Sectors most likely to be heavily impacted by the COVID-19 pandemic amount to 70 percent of GDP.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77948134","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}
virus COVID-19, informally known as coronavirus. Less than three months later, economies across the world are feeling the effects of nationwide lockdowns and economic uncertainty as a result of the coronavirus pandemic. One by one, U.S. cities are imposing the shutdown of public places and non-essential stores, with numerous stores temporarily closing of their own accord. These shutdowns have resulted in a massive, nationwide spike in layoffs. The increase in layoffs has translated into a dramatic rise in unemployment insurance (UI) claims. On March 21, the number of weekly U.S. UI claims reached nearly 3.3 million—its highest level ever. Layoffs are expected to continue as the economic effects of the pandemic worsen, The Effects of COVID-19 on Unemployment Insurance Claims
{"title":"The Effects of COVID-19 on Unemployment Insurance Claims","authors":"Aaron Amburgey, S. Birinci","doi":"10.20955/es.2020.9","DOIUrl":"https://doi.org/10.20955/es.2020.9","url":null,"abstract":"virus COVID-19, informally known as coronavirus. Less than three months later, economies across the world are feeling the effects of nationwide lockdowns and economic uncertainty as a result of the coronavirus pandemic. One by one, U.S. cities are imposing the shutdown of public places and non-essential stores, with numerous stores temporarily closing of their own accord. These shutdowns have resulted in a massive, nationwide spike in layoffs. The increase in layoffs has translated into a dramatic rise in unemployment insurance (UI) claims. On March 21, the number of weekly U.S. UI claims reached nearly 3.3 million—its highest level ever. Layoffs are expected to continue as the economic effects of the pandemic worsen, The Effects of COVID-19 on Unemployment Insurance Claims","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76405338","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}
As of March 2020, the U.S. economy has almost certainly entered a recession. Market estimates of the output contraction in the second quarter of 2020 range from 10 percent to 30 percent at annual rates. Similarly, the unemployment rate is expected to rise sharply, going from 3.5 percent in February to anywhere between 6 percent and 13 percent during the second quarter. The following back-of-the-envelope calculations put these numbers into perspective: Gross domestic product (GDP) was about $21 trillion dollars in 2019. If a third of the economy shuts down for a month, this implies around a $600 billion loss in output. The current labor force is about 165 million workers; if the unemployment rate climbs to 10 percent this would translate to roughly 11 million new unemployed workers. How is the economy coping with the shutdowns? On the positive side, large sectors of the workforce are telecommuting; basic services, such as utilities, are fully operational; and many transactions and interactions are being conducted online. Importantly, these are all interrelated. For example, online transactions work because internet and postal services are running. On the negative side, the health care sector is at risk of being overwhelmed and the health care policy response has been slow due to a lack of “nimbleness”: a combination of the barriers placed by regulation and a dependence on Economic Realities and Consequences of the COVID-19 Pandemic—PART II: The Economy and Fiscal Policy
{"title":"Economic Realities and Consequences of the COVID-19 Pandemic—Part II: The Economy and Fiscal Policy","authors":"F. Martin","doi":"10.20955/es.2020.11","DOIUrl":"https://doi.org/10.20955/es.2020.11","url":null,"abstract":"As of March 2020, the U.S. economy has almost certainly entered a recession. Market estimates of the output contraction in the second quarter of 2020 range from 10 percent to 30 percent at annual rates. Similarly, the unemployment rate is expected to rise sharply, going from 3.5 percent in February to anywhere between 6 percent and 13 percent during the second quarter. The following back-of-the-envelope calculations put these numbers into perspective: Gross domestic product (GDP) was about $21 trillion dollars in 2019. If a third of the economy shuts down for a month, this implies around a $600 billion loss in output. The current labor force is about 165 million workers; if the unemployment rate climbs to 10 percent this would translate to roughly 11 million new unemployed workers. How is the economy coping with the shutdowns? On the positive side, large sectors of the workforce are telecommuting; basic services, such as utilities, are fully operational; and many transactions and interactions are being conducted online. Importantly, these are all interrelated. For example, online transactions work because internet and postal services are running. On the negative side, the health care sector is at risk of being overwhelmed and the health care policy response has been slow due to a lack of “nimbleness”: a combination of the barriers placed by regulation and a dependence on Economic Realities and Consequences of the COVID-19 Pandemic—PART II: The Economy and Fiscal Policy","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"115 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80832592","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}
Quick action by the Fed to smooth the functioning of financial markets appears to have encouraged investors and stopped the historic downturn in the stock market.
美联储为平稳金融市场运转而采取的迅速行动似乎鼓舞了投资者，并阻止了股市的历史性低迷。
{"title":"The Stock Market's Wild Ride","authors":"Bruce Mizrach, Christopher J. Neely","doi":"10.20955/es.2020.15","DOIUrl":"https://doi.org/10.20955/es.2020.15","url":null,"abstract":"Quick action by the Fed to smooth the functioning of financial markets appears to have encouraged investors and stopped the historic downturn in the stock market.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"87 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87726138","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}
The money from relief checks will likely not last very long, even for low-income households.
救济支票带来的钱可能不会持续太久，即使对低收入家庭来说也是如此。
{"title":"How Long Will the Relief Check Last?","authors":"YiLi Chien","doi":"10.20955/es.2020.13","DOIUrl":"https://doi.org/10.20955/es.2020.13","url":null,"abstract":"The money from relief checks will likely not last very long, even for low-income households.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89452939","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}
States with relatively more COVID-19 cases tend to have a workforce less likely to face unemployment.
COVID-19病例相对较多的州，其劳动力面临失业的可能性往往较小。
{"title":"U.S. States Hit the Hardest by COVID-19 Have Lower Unemployment Risks","authors":"Sungki Hong, Devin Werner","doi":"10.20955/es.2020.12","DOIUrl":"https://doi.org/10.20955/es.2020.12","url":null,"abstract":"States with relatively more COVID-19 cases tend to have a workforce less likely to face unemployment.","PeriodicalId":11402,"journal":{"name":"Economic Synopses","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82835673","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}
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