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Econ Seminar: Labor/Public Finance/Development: Bryan Stuart, Georg Washington University

Recessions and Local Labor Markets
When Oct 17, 2019
from 03:30 PM to 05:00 PM
Where 4103 Tydings Hall
Contact Name Melissa Kearney
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Department of Economics Seminar Series presesnts

Thursday, October 17, 2019, Room 4103 Tydings Hall from 3:30-5 p.m.

Speaker:     Bryan Stuart, George Washington University

Seminar:     Labor/Public Finance/Development

Title:           "Recessions and Local Labor Markets"

Host:          Melissa Kearney

This paper studies the short- and long-run effects of each U.S. recession since 1973 on local economic activity. We analyze how economic activity evolves across local areas that are differentially affected by national recessions. For each recession, we find that employment, population, employment-to-population ratios, and earnings per capita experience persistent declines for at least a decade after recession’s end. While transfers also remain elevated for a decade or more, they are insufficient to fully offset earnings losses, leading to long-term declines in per-capita income as well. Changes in the composition of workers explain less than half of these persistent effects.

 

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