Testimony of Jared Bernstein, Senior Fellow, Before the Joint Economic Committee
Though the April 2020 jobs report showed huge losses for all workers, regardless of race or ethnicity, history is clear that different groups experience downturns with significantly differing intensities.
Do low-wage workers respond to high-pressure labor markets by increasing their labor supply? What evidence is there that tight job markets pull in such workers? We find highly cyclical responses to both the extensive and intensive margins of labor supply for low-income, prime-age persons.
Testimony of Jared Bernstein before the House Budget Committee
At the core of our argument is the idea that changing inflation dynamics, in tandem with higher wage, income, and wealth inequality, should create an asymmetry in the Fed’s reaction function, as such dynamics elevate the benefits of full employment and diminish the risks of inflationary pressures.
Testimony of Jared Bernstein, Senior Fellow, Center on Budget and Policy Priorities, Before the Joint Economic Committee