A new Boston Fed report finds that the labor force #gendergaps grew early in the #pandemic and have remained widened primarily because women with school-aged children have regained #employment or returned to work at a lower rate than men. More: Link
Boston Fed Tue 27 Apr 2021 14:00Studies of the economic fallout from the COVID-19 pandemic show that women have experienced more job losses than men and more departures from the labor force. As a result, the gender gaps in employment and labor force participation that existed before the pandemic have grown even larger. Research also finds that the crisis has been particularly harmful to working women with school-aged children, because in most cases they have borne the child care burden following school closures.
A new report from the Federal Reserve Bank of Boston examines more recent data and supports these findings, which distinguish the pandemic from previous economic crises, when employment fell more for men than women. The report concludes that reopening schools likely will play a pivotal role in narrowing the gender gaps that have widened over the past year.
The report, “COVID-19 and the Labor Market Outcomes for Prime-Aged...
- RT @UCBLaborCenter: ICYMI: Explore this @BostonFed paper with @kjacobs9 @AnnaGody1, examining the downstream effects of higher wages. Publi… Boston Fed Mon 26 Apr 2021 15:49
- Do you lead a Community Development Financial Institution? Share your story in the 2021 CDFI Survey to help policymakers understand how your organization and community are faring and how policies and other initiatives may help. Link https://t.co/sRw1hKC1Tf Boston Fed Thu 15 Apr 2021 15:06
CDFIs play a central role in ongoing work towards an equitable economic recovery as they help consumers, small businesses and communities access funding. There continues to be an urgent need for comprehensive, up-to-date data on CDFIs. The Federal Reserve 2021 CDFI Survey is part of a continued effort to provide this information.
Are you a CDFI leader? Take the survey now.
Preview the survey.
The Fed and the CDFI Fund intend to use the survey data to inform research and future policymaking. The survey data will also provide important benchmark information on how CDFIs are faring in the COVID-19 crisis and how they are serving low-income and minority populations.
Learn more about the survey effort and submit a response for your CDFI today. The survey is open from March 22–April 23, and will take about 60 minutes to complete. We encourage participation from all CDFIs, regardless of certification status. Please be aware that only one response is...
- RT @federalreserve: Read about economic conditions in Reserve Bank Districts in the #BeigeBook: Link https://t.co/1sHTqN… Boston Fed Thu 15 Apr 2021 13:21This report was prepared at the Federal Reserve Bank of Dallas based on information collected on or before April 5, 2021. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.
- Reopening schools likely will play a big role in narrowing the #gendergaps in employment and labor force participation that have widened during the #COVID19 pandemic, concludes a new report from the Boston Fed. Read about the report: Link https://t.co/LeHY5pGL7Y Boston Fed Wed 14 Apr 2021 21:40
Studies of the economic fallout from the COVID-19 pandemic show that women have experienced more job losses than men and more departures from the labor force. As a result, the gender gaps in employment and labor force participation that existed before the pandemic have grown even larger. Research also finds that the crisis has been particularly harmful to working women with school-aged children, because in most cases they have borne the child care burden following school closures.
A new report from the Federal Reserve Bank of Boston examines more recent data and supports these findings, which distinguish the pandemic from previous economic crises, when employment fell more for men than women. The report concludes that reopening schools likely will play a pivotal role in narrowing the gender gaps that have widened over the past year.
The report, “COVID-19 and the Labor Market Outcomes for Prime-Aged...
- The 12 Banks of the Federal Reserve today hosted the fifth installment of the #RacismandtheEconomy series focusing on the economics profession. Read @ChrisRugaber’s coverage of today’s event: Link Boston Fed Tue 13 Apr 2021 21:24
WASHINGTON (AP) — Top Federal Reserve policymakers on Tuesday underscored their concern that Black and Hispanic people are sharply underrepresented in the economics field, which lessens the perspectives that economists can bring to key policy issues.
“If we don’t have a diverse group of people in the field, we won’t have the right topics to focus on,” said Eric Rosengren, president of the Federal Reserve Bank of Boston.
At a webinar sponsored by the Federal Reserve Bank of Minneapolis, the officials and many outside economists addressed the problem on the same day that a study from the Brookings Institution reported that the top ranks of the Federal Reserve system remain disproportionately white, particularly on the boards of the 12 regional Fed banks.
- “I do think that we have to bring our thinking back to an earlier stage…I think that is critically important that we can't wait to do it until somebody is an employee of the Federal Reserve, we really need to be intentional at a much earlier stage,” Pres. #Rosengren said. Boston Fed Tue 13 Apr 2021 19:24
- #Rosengren: “When looking at income or wages or whether you went to university, the race variable is significant...so it contaminates a lot of what we're doing—we don't think about how structural racism plays more broadly into how we do our empirical work.” #RacismandtheEconomy Boston Fed Tue 13 Apr 2021 19:14
- "We tend to focus on topics that reflect our own background and experience,” Boston Fed President Eric Rosengren said. “If we don't have a diverse group of people in the field, we don't have the right topics to be focused on." #RacismandtheEconomy #EconTwitter Boston Fed Tue 13 Apr 2021 19:04
- Moderator @KA_Marketplace asked @D_W_Wilcox if we’re already feeling the consequences of not being more inclusive: “We're playing catch-up here and we have a long time to go before we can have any satisfaction about where we are." #RacismandtheEconomy Boston Fed Tue 13 Apr 2021 18:49
- "I hope at the end of this day people understand it's not math. It's not people processing math. The problem is us and how are we, as economists, going to change this?" @WSpriggs concluded the panel discussion with @MaryDalyEcon and @M_Sendhil. Boston Fed Tue 13 Apr 2021 18:09
- “In the way we explain the long period of inequality during America's Jim Crow, being bad practitioners of American history, we accepted it as a taste preference, as the Supreme Court said, separate but equal,” @WSpriggs said. #RacismandtheEconomy #EconTwitter Boston Fed Tue 13 Apr 2021 18:09
- Prof. @M_Sendhil in response to @WSpriggs letter: “I think the clinical nature of our writing allows us to hide behind certain things…whenever I do this work, for me, it's very hard not to be touched by the data—these are real human beings and they're experiencing these things." Boston Fed Tue 13 Apr 2021 17:44
- "What proof do I need to show economists that discussing discrimination and racism actually is an above-board thing to do?" @WSpriggs, who penned an open letter to economists in the wake of George Floyd’s death, said during today’s #RacismandtheEconomy event. #EconTwitter Boston Fed Tue 13 Apr 2021 17:39
- “In this conversation, it's not solely about changing the student to fit into the flawed profession, let's attack the flawed profession,” Dr. Ebonya Washington, Samuel C. Park Jr. professor of economics at @Yale University. #RacismandtheEconomy #EconTwitter @YaleEconomics Boston Fed Tue 13 Apr 2021 17:09
- "We don't need a randomized control trial to tell us if you treat people terribly, they're not going to stay in the profession. What are the solutions? One of them is improve the culture of economics." @Judy_Chevalier, @YaleSOM professor, said. #RacismandtheEconomy #EconTwitter Boston Fed Tue 13 Apr 2021 16:59
- RT @DrBingulac: “First-it begins with me. I am accountable for results of my organizations” -Esther George @KansasCityFed #racismintheeco… Boston Fed Tue 13 Apr 2021 16:19
- Tune in to the livestream of Racism and the Economy: Focus on the Economics Profession today at 12–3:30 p.m. ET to view the event. Participate in the discussion and ask questions using #RacismandtheEconomy or email RacismandtheEconomy@bos.frb.org. Link Boston Fed Tue 13 Apr 2021 15:34
Focusing on how racism affects the people and practice of economics and how to improve economics research practices and professional processes to achieve greater diversity, expand avenues of inquiry, and better inform public policy. Sendhil Mullainathan of the University of Chicago Booth School of Business and William E. Spriggs (pictured) of the AFL-CIO and Howard University will participate in a keynote conversation.
Full event details ›
- #ICYMI: Pres. Eric Rosengren talked to @WBUR’s Bob Oakes about his latest economic outlook and discussed today’s #RacismandtheEconomy event, which will focus on the economics profession. Listen to the interview: Link Boston Fed Tue 13 Apr 2021 14:29
"We're at the stage of the pandemic where we're definitely seeing light at the end of the tunnel."
That's according to Eric Rosengren, president of the Federal Reserve Bank in Boston, who cites a stronger than expected vaccine rollout coupled with generous lending policies, near-zero interest rates and robust fiscal stimulus from the federal government.
But Rosengren remains concerned about racial and gender disparities in the recovery — and in the economy at large. He joined WBUR Morning Edition host Bob Oakes to discuss his optimism and his concerns.
- The fifth installment of our #RacismandtheEconomy virtual series is focused on how racism affects the people and practice of economics. Register to participate in the conversation tomorrow, April 13 at 12 p.m. ET: Link Boston Fed Mon 12 Apr 2021 22:48
April 13, 2021 12:00 p.m. – 3:30 p.m. ET | 11:00 a.m. – 2:30 p.m. CT Virtual video event presented by all 12 District Banks of the Federal Reserve System
- Read the key takeaways and full text from President Eric #Rosengren’s remarks, “Taking Stock of the Economic Recovery and the Opportunities to Bolster Financial Stability,” here: Link Boston Fed Mon 12 Apr 2021 17:58Takeaway: The economy is showing signs of recovering from the impacts of the pandemic, but many businesses and households are still experiencing significant economic distress. Industries where social distancing is difficult have been disproportionately affected, and they include many lower-wage and Black and Hispanic workers. Women, too, have been disproportionately affected. Excerpt: “Policymakers [should] examine some of the problems brought to the forefront over the past year…to ensure we are rebuilding an economy that works for all Americans throughout the inevitable business cycle.” Takeaway: Assuming vaccines remain effective against new variants of the virus, the U.S. economy is likely to recover strongly, propelled by pent-up demand and accommodative monetary and fiscal policy. Excerpt: “It seems likely that the economy will grow rapidly this year … over the next couple of years, we will see the unemployment rate falling back to pre-pandemic levels, with significantly...
- The most recent data on employment is consistent with an economy beginning to expand from the constraints of the pandemic. But #Rosengren says there are signs of continued strains on the labor market, including reduced labor force participation rates of prime working ages. Boston Fed Mon 12 Apr 2021 17:58
- In the past, forecasts of returning to full employment at the target inflation rate of 2% would have suggested increases in interest rates. But #Rosengren says the median FOMC participant expectation is short-term rates will remain close to 0 through 2023. Boston Fed Mon 12 Apr 2021 17:48Takeaway: The economy is showing signs of recovering from the impacts of the pandemic, but many businesses and households are still experiencing significant economic distress. Industries where social distancing is difficult have been disproportionately affected, and they include many lower-wage and Black and Hispanic workers. Women, too, have been disproportionately affected. Excerpt: “Policymakers [should] examine some of the problems brought to the forefront over the past year…to ensure we are rebuilding an economy that works for all Americans throughout the inevitable business cycle.” Takeaway: Assuming vaccines remain effective against new variants of the virus, the U.S. economy is likely to recover strongly, propelled by pent-up demand and accommodative monetary and fiscal policy. Excerpt: “It seems likely that the economy will grow rapidly this year … over the next couple of years, we will see the unemployment rate falling back to pre-pandemic levels, with significantly...
- #Rosengren says there are potential solutions to these structural risks: - Require prime & tax-exempt MMMFs to convert to so-called government funds - Create a structure less reliant on broker-dealers’ balance sheets - Enact a capital regime that’s flexible during economic slumps Boston Fed Mon 12 Apr 2021 17:43
- It arguably factored into some of the challenges to financial stability at the pandemic's start: - Prime and tax-exempt money market mutual funds saw rapid outflows - Financial firms experienced a liquidity squeeze - Various forbearance for borrowers and banks became necessary Boston Fed Mon 12 Apr 2021 17:43
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