The Low-Wage Recovery and Growing Inequality

This report updates NELP's previous analyses of job loss and job growth trends during and after the Great Recession. We find that:1. During the recession, employment losses occurred throughout the economy, but were concentrated in mid-wage occupations. By contrast, during the recovery, employment gains have been concentrated in lower wage occupations, which grew 2.7 times as fast as mid-wage and higher-wage occupations. 2. The lower-wage occupations that grew the most during the recovery include retail salespersons, food preparation workers, laborers and freight workers, waiters and waitresses, personal and home care aides, and office clerks and customer representatives.3. The unbalanced recession and recovery have meant that the long-term rise in inequality in the U.S. continues. The good jobs deficit is now deeper than it was at the start of the 21st century.4. Industry dynamics are playing an important role in shaping the unbalanced recovery. We find that three low-wage industries (food services, retail, and employment services) added 1.7 million jobs over the past two years, fully 43 percent of net employment growth. At the same time, better-paying industries (like construction; manufacturing; finance, insurance and real estate; and information) did not grow, or did not grow enough to make up for recession losses. Other better-paying industries (like professional and technical services) saw solid growth, but not in their mid-wage occupations. And steep cuts in state and local government have hit mid- and higher-wage occupations the hardest.In short, America's good jobs deficit continues. Policymakers have understandably been focused on the urgent goal of getting U.S. employment back to where it was before the recession (we are still missing nearly 10 million jobs), but our findings underscore that job quality is rapidly emerging as a second front in the struggling recovery

Is the Second Demographic Transition a useful concept for demography?

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Learning about common and private values in oligopoly

We characterize a duopoly buffeted by demand and cost shocks. Firms learn about shocks from common observation, private observation, and noisy price signals. Firms internalize how outputs affect a rival's signal, and hence output. We distinguish how the nature of information —public versus private—and of what firms learn about—common versus private values—affect equilibrium outcomes. Firm outputs weigh private information about private values by more than common values. Thus, prices contain more information about private-value shocks

Generalizing the rotation interval to vertex maps on graphs

Graph maps that are homotopic to the identity and that permute the vertices are studied. Given a periodic point for such a map, a {\em rotation element} is defined in terms of the fundamental group. A number of results are proved about the rotation elements associated to periodic points in a given edge of the graph. Most of the results show that the existence of two periodic points with certain rotation elements will imply an infinite family of other periodic points with related rotation elements. These results for periodic points can be considered as generalizations of the rotation interval for degree one maps of the circle

Contamination of the space station environment by vented chemicals

Gaseous materials vented from materials and life science experiments on the Space Station may have noticeable effects on the optical or plasma environment. The magnitude of the effects depends on: (1) rarefied gas dynamics; (2) photochemical reactions; and (3) airglow excitation mechanisms. In general, the effects from atomic species can be mitigated, but the disturbances resulting from venting of molecules like SF6, CO2 and C2H2 can be significant. The interaction of molecules with ambient plasma at orbital velocities should be studied with laboratory or space experiments

Immobilisation of electroactive macrocyclic complexes within titania films

The 4-carboxyphenyl-appended macrocyclic ligand trans-6,13-dimethyl-6-((4-carboxybenzyl)amino)-1,4,8,11-tetraazacyclotetradecane-6-amine (HL10) has been synthesised and complexed with Co-III. The mononuclear complexes [Co(HL10)(CN)](2+) and [CoL10(OH)](+) have been prepared and the crystal structures of their perchlorate salts are presented, where the ligand is bound in a pentadentate mode in each case while the 4-carboxybenzyl-substituted pendent amine remains free from the metal. The cyano-bridged dinuclear complex [CoL10-mu-NC-Fe(CN)(5)](2-) was also prepared and chemisorbed on titania-coated ITO conducting glass. The adsorbed complex is electrochemically active and cyclic voltammetry of the modified ITO working electrode in both water and MeCN solution was undertaken with simultaneous optical spectroscopy. This experiment demonstrates that reversible electrochemical oxidation of the Fe-II centre is coupled with rapid changes in the optical absorbance of the film

Is there a paradox of pledgeability?

We show that in the limited-commitment framework of Donaldson, Gromb, and Piacentino (2019), firm value always increases in the fraction of cash flows that can be pledged as collateral. That is, pledgeability increases investment efficiency and relaxes a firm's financing constraint. We derive this conclusion using the same contracts considered by the authors and generalize the result to an arbitrary number of states. We also show that the first best can always be implemented by a nonstate-contingent secured debt contract, which differs from the ones they consider

Nearsighted justice

Chapter 11 structures complex negotiations between creditors and debtors that are overseen by a bankruptcy court. This paper identifies conditions under which it is optimal for the court to sometimes err in determining whether a firm should be liquidated. Such errors can affect the optimal action choices by both good and bad entrepreneurs. We first characterize the optimal error rate without renegotiation, providing conditions under which it is optimal for the court both to sometimes mistakenly liquidate "good firms," but not "bad firms." When creditors and debtors can renegotiate to circumvent an error-riven court and creditors have all of the bargaining power, we show that for a broad class of action choices, a blind court--one that ignores all information and hence is equally likely to liquidate a good firm as a bad one--is optimal.Bankruptcy