With casinos much more common across the nation than they were a generation ago, how might the development of a new casino impact its surrounding regional economy? We survey the literature on the local impact of casinos from a variety of economic and social perspectives. We find that, despite tax revenues being a major motivator for state legalization of casinos, there is little evidence that they boost state taxes. We also find that the job gains from casino development are limited to those in lower density areas that lack nearby casinos.
When it comes to attracting workers, does the size of the business matter? Recent data suggest so, but it's not a simple case of bigger being better.
As discussed in earlier posts ("Workers for the Right Wage" and "Hiring Problems Persist"), businesses in every industry have experienced challenges with hiring and keeping workers during the pandemic. However, these hiring challenges might differ according to the size of the business. For example, job seekers whose reservation wages have risen might be more attracted to larger businesses where salaries and benefits have increased relative to smaller businesses over the pandemic.1 On the other hand, small businesses have become more attractive to workers. Picture big-city corporate workers who relocated to small towns during the pandemic and gave up their former jobs to work for small businesses.
- The pre-pandemic decade was an unusually stable one in economic terms. COVID disrupted that stability. And similar to a post-war period, we are seeing the economy now struggle to return to normal.At first, inflationary pressures seemed temporary. But inflation has persisted, risen and become broader based. It’s the Fed’s responsibility to act to reduce inflation and stabilize expectations, and we are.The Fed’s tools work over time, so I expect inflation to come down, but not immediately, not suddenly, and not predictably. I see inflation coming down in three lanes: demand should flatten, supply chains should heal and commodities should settle. The pace of normalization is uncertain, which is understandably unsettling and leads to worries about a recession.We are out of balance today because stimulus-supported excess demand overwhelmed constrained supply. Returning to normal does not require a calamitous decline in activity.Moderating demand has a higher purpose squarely in our...
In the current economy, where job postings significantly exceed the number of people actively seeking employment, previously incarcerated individuals represent an important source of labor that both states and institutions are increasingly interested in engaging. Successfully implementing second-chance hiring initiatives, in which companies hire individuals with criminal records, can help improve outcomes for previously incarcerated individuals, the companies they work for, and their communities.
In the United States in 2019, there were 1.4 million people incarcerated in state and federal prisons and 747,000 people incarcerated in local and county jails (2.2 million total). In a typical year, state and federal prisons release more than 600,000 people, and over 9 million individuals spend at least some time in a local jail. Although these figures can be overwhelming, the number of incarcerated people in the United States actually fell in the 10 years prior to 2019, with...
With casinos much more common across the nation than they were a generation ago, how might the development of a new casino impact its surrounding regional economy? We survey the literature on the local impact of casinos from a variety of economic and social perspectives. We find that, despite tax revenues being a major motivator for state legalization of casinos, there is little evidence that they boost state taxes. We also find that the job gains from casino development are limited to those in lower density areas that lack nearby casinos.
Join the Federal Reserve Bank of Richmond for the third installment of District Dialogues, a forum dedicated to giving community members the opportunity to engage with experts on the biggest economic issues facing our District.
On Tuesday, August 9, we will bring together leading experts to discuss the economics of aging in America. When you attend this session, you’ll learn:
S&P500 | |||
---|---|---|---|
VIX | |||
Eurostoxx50 | |||
FTSE100 | |||
Nikkei 225 | |||
TNX (UST10y) | |||
EURUSD | |||
GBPUSD | |||
USDJPY | |||
BTCUSD | |||
Gold spot | |||
Brent | |||
Copper |
- Top 50 publishers (last 24 hours)