The Disparate Labor Market Impacts of Monetary Policy
Gerald R. Ford School of Public Policy, University Of Michigan National Poverty Center Working Paper Series #03-10 Third revision, May 2004 The Disparate Labor Market Impacts of Monetary Policy Seth B. Carpenter, Board of Governors of the Federal Reserve System William M. Rodgers III , Rutgers, The State University of New Jersey, John J. Heldrich Center for Workforce Development National Poverty Center This paper is available online at the National Poverty Center Working Paper Series index at: http://www.npc.umich.edu/publications/working_papers/ Any opinions, findings, conclusions, or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the view of the National Poverty Center or any sponsoring agency. The Disparate Labor Market Impacts of Monetary Policy Seth B. Carpenter and William M. Rodgers III1 December 2002 1st Revision July 2003 Second Revision December 2003 Third Revision May 2004 1Carpenter: Board of Governors of the Federal Reserve System. Rodgers: Rutgers, The State University of New Jersey, John J. Heldrich Center for Workforce Development, and the National Poverty Center. Philip Jefferson , Barbara Morgan, Keith Phillips, Maya Rockeymore, William Spriggs, Charles Weise, and two anonymous referees gave useful comments and suggestions. I also thank Gregory Licausi for outstanding research assistance. The views expressed are those of the authors and do not necessarily reflect those of the Federal Reserve System, the Board of Governors, or other members of the staff. Abstract Employing two widely used approaches to identify the impacts of monetary policy, this paper explores the differential impact of policy on the labor market outcomes of teenagers, minorities, out-of- school youth, and less-skilled individuals.
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