Atlanta Fed Working Papers

The Research Department of the Federal Reserve Bank of Atlanta publishes a working paper series to convey the research of staff economists and visiting scholars and stimulate professional discussion and exploration of economic and financial subjects.

2021

The "Matthew Effect" and Market Concentration: Search Complementarities and Monopsony Power

Jesús Fernández-Villaverde, Federico S. Mandelman, Yang Yu, and Francesco Zanetti
Working Paper 2021-4
January 2021
The authors show that search complementarities amplify small differences in productivity among firms. Market concentration fosters monopsony power in the labor market, magnifying profits and further enhancing the output share of high-productivity firms.

COVID-19 Is a Persistent Reallocation Shock

Jose Maria Barrero, Nicholas Bloom, Steven J. Davis, and Brent H. Meyer
Working Paper 2021-3
January 2021
Discussing evidence of COVID-19's effects as a reallocation shock, the authors of this working paper find, among other effects, that the pandemic has shifted relative employment growth trends in favor of industries with a high capacity of employees to work from home and against those with a low capacity for teleworking.

Pandemic-Era Uncertainty on Main Street and Wall Street

Brent Meyer, Emil Mihaylov, Steven J. Davis, Nicholas Parker, David Altig, Jose Maria Barrero, and Nicholas Bloom
Working Paper 2021-2
January 2021
Using data from the Survey of Business Uncertainty, the authors make observations about pandemic-era uncertainty in the U.S. economy, including how overall uncertainty continues to substantially dampen capital spending plans, pointing to a source of weak growth in demand and potential gross domestic product.

How Important Is Health Inequality for Lifetime Earnings Inequality?

Roozbeh Hosseini, Karen Kopecky, and Kai Zhao
Working Paper 2021-01
January 2021
The authors of this working paper show that poor health accounts for nearly one third of the variation in lifetime earnings at age 65, primarily because it increases eligibility for social security disability benefits. Despite this, they find that these benefits are valuable and should be even more generous.

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